Successful Completion of Seismic Campaign 2011 in Mongolia
The seismic contract with Sinopec provided for a firm program consisting of 532 km full fold data and an optional program of up to an additional 1,106 km full fold data. The program consisted of eight phases and acquisition began August 25, 2011.
Gobi planned to acquire the most important phases before the beginning of winter and to complete the program in 2012, subject to new information resulting out of the seismic of 2011. On November 25, 2011, after completing the first seven phases and the key line of the last phase, Manas finished the seismic program after having acquired more data than initially planned and in the face of winter conditions (snow and temperatures of minus 21 0C).
A total of 1,311 km full fold data was acquired without any incident. Gobi is using the winter months to interpret the data. If after interpretation of the current data set Gobi determines that it requires additional data; such data would be acquired in 2012.
The specifics of this survey was a real time check process enabling the operator to adjust the program on a just in time basis. After quality control by field processing, accepted data was sent via internet to the fast track processing office and then forwarded on to our G&G team for fast interpretation. In such a way individual lines as well as whole phases were changed to the needed focus. Thus the survey was not only very cost efficient but also resulted in a very prospect oriented seismic.
Final seismic processing and interpretation has begun. Gobi is currently focusing on six areas in order to meet the corporate goal of entering into a drilling contract by the end of the first quarter of 2012 and spud the first well before end of the second quarter.
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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 Gobi Energy's plans to use the winter months to interpret seismic, to acquire additional data, if needed, in 2012, and to enter into a drilling contract and spud the first well by the end of the first and second quarters, respectively, of 2012. 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 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 those 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.
MNP Petroleum Corporation
Manas Petroleum is an international oil and gas company with primary focus on exploration and development in South‐Eastern Europe, Central Asia and Mongolia. In Albania, Manas participates in a 1.7 million acre exploration project through its equity interest in Petromanas Energy Inc., a Canadian public company. In Kyrgyz Republic, Manas has signed a US$54 million farm‐out agreement with Santos International Holdings Pty Ltd., a subsidiary of Australia's third largest oil and gas company. In addition to the development of its Kyrgyz Republic project, Santos is developing the company's neighboring Tajikistan license under an option farm out agreement. In Mongolia, Manas owns record title to the two Production Sharing Contracts covering Blocks XIII and XIV through its wholly‐owned subsidiary DWM Petroleum AG, but 26% of the beneficial ownership interest in these blocks is held in trust for others.