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Manas signed an extended farmout term sheet for 6 Blocks in Albania
Erik Herlyn, Chief Executive Officer of Manas Petroleum Corp.: "With this farmout Manas could both lift the large exploration potential of blocks A, B, D and E and additionally drill a well to appraise the Sphiragu discovery in blocks 2 and 3." This farmout is consistent with Manas' core strategy of acquiring major oil and gas licenses for prospective under-thrust structures and then limiting the financial burdens and risks associated with the exploration and development.
Manas has been awarded Blocks A, B, D and E on December 26, 2007 and has explored the blocks since. Portions of Blocks A, B, D and E are now drill-ready. Blocks 2 and 3 were previously explored by Occidental Petroleum including a 5000 meter deep discovery well in 2001. The council of ministers ratified the Production Sharing Contract for Blocks 2 and 3 to DWM Petroleum on July 8th 2009. Following the award of Blocks 2 and 3, data regarding occidentals discovery were made available and the Company is currently preparing a 51-101 compliant estimate of the discovery. The farmout is subject to the execution of a final agreement with the farm-out partner.
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