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Manas Petroleum Corp. Operational and Financial Highlights 2nd Quarter 2012
Highlights Q2 2012
- PSA ratified by Tajik government
- Mongolia: Prospects ranked and drilling scheduled for second half of August
- Entered option agreement to purchase producing assets in Central Asia
During the second quarter of 2012, our Mongolian subsidiary, Gobi Energy Partners LLC, concluded a passive seismic campaign. The integration and interpretation of the 2D seismic data acquired in 2011 was finalized, which, along with the results of the passive seismic, allowed us to complete the ranking of the prospects. Three prospects were selected as potential drilling locations for 2012; we plan to drill two of these in 2012. We plan to spud the first well, Ger Chuluu A1, during the week starting August 20, 2012, after completion of the 2D seismic campaign. We expect this well to be approximately 1,200 meters deep.
During the second quarter of 2012, our Tajik subsidiary, Somon Oil Closed Joint Venture Stock Company ("Somon Oil"), finalized the acquisition of a total of 871km 2D seismic. Seismic processing and interpretation, as well as preparation for the drilling of the first two wells, is ongoing.
On May 7, 2012, the Government of the Republic of Tajikistan ratified the Production Sharing Agreement with Somon Oil and, pursuant to a deed dated August 6, 2012, Santos International Ventures Pty Ltd exercised its option to acquire 70% of the equity of Somon Oil.
During the second quarter of 2012, South Petroleum Company, in which we own a 25% minority equity interest, continued to provide support for drilling planning and seismic operations in Tajikistan. Finalization of the reports in Kyrgyzstan is ongoing.
Albania (15.8% equity investment in Petromanas Energy Inc.)
Beginning of 2012, Petromanas farmed out 50% of its interest in Block 2-3 in Albania to a wholly owned subsidiary of Shell. The first well, Shpirag-2, was spudded on June 30, 2012 and is currently on track.
More details on www.petromanas.com.
During the second quarter of 2012, DWM Petroleum AG, our wholly-owned subsidiary, entered into an option agreement with an unrelated third party pursuant to which the third party has granted DWM Petroleum AG an option to purchase 80% of the equity of a company that owns producing oilfield assets in Central Asia.
Total operating expense increased in all segments. Increased exploration activity, especially in Mongolia, resulted in higher exploration and personnel costs. Consulting expenses increased due to increased exploration activity at our projects in Mongoliaand Tajikistan, increased investor relations activities, and also due to negative expenses related to the re-measurement of equity-based awards to non-employees in 2011 (non-cash).
The increase in fair value of Petromanas (TSX-V: PMI) of USD 12,977,280 was due to the share price appreciation from CAD 0.155 at the beginning of the year to CAD 0.215at June 30, 2012.
Since June 30, 2012, we sold 100,000,000 PMI shares for gross proceeds of approximately USD 12.13 million. We intend to use these proceeds to fund our proposed acquisition of producing assets in Central Asia and for working capital.
Net income for the six-month period ended June 30, 2012 was USD 8,499,505 as compared to net loss of USD (18,673,829) for the same period in 2011.
Information provided in this Press Release pertaining to the exploration projects in theKyrgyz Republic and Albania has been provided to Manas Petroleum Corporation by the operators of those projects, with which Manas Petroleum deals at arms length, and is included in this Press Release in an effort to share that information with the public. Although Manas Petroleum has no reason to doubt the accuracy of this information, it expressly disclaims responsibility therefor and makes no representation or warranty that it is complete or correct.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may", "should", "anticipates", "believes", "expects", "intends", "forecasts", "plans", "future", "strategy", or words of similar meaning. Forward-looking statements in this press release include statements about Manas' plans to drill in Mongolia, including its plans to spud the first of two back-to-back wells in the second half of August 2012 and its intension to acquire producing assets in Central Asia through an option agreement entered with a third party. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect current judgment regarding the direction of Manas' business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks presented by the market price and volume of trading in shares of Petromanas Energy Inc., field conditions and the risks described in Manas' periodic disclosure documents filed on SEDAR and EDGAR, copies of which are also available on the company's website at www.manaspetroleum.com. Any of these risks could cause Manas' or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Except as required by applicable law, including the securities laws of the United States and Canada, Manas does not intend to update any of the forward-looking statements to conform these statements to actual results.
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