Manas Petroleum Corporation (MNAP) starts new project, shares gain

Posted on: July 14th, 2011
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Manas Petroleum Corporation (OTCBB: MNAP) shares picked up 5.3% to 40 cents late Thursday morning, on word of a new project in Mongolia under the auspices of Gobi Energy Partners. Volume for Manas stock was a mere 500 shares, even though its all-day average approaches 170,000.

The project in question is the second seismic survey on the two Mongolian blocks – Zuunbayan-XIV Block and Tsagaan Els-XIII Block — owned by Gobi.

This year`s seismic survey includes up to 1,700 kilometres of 2D seismic. It covers 10 prospective areas over both blocks, which were identified by the company’s integrated interpretation. The program is laid out in eight phases without any interruption between the phases; however, some phases show interdependencies. Preparation and mobilization has commenced and the acquisition is expected to begin in mid-August. The seismic work will be conducted with vibrators.

Through its wholly-owned subsidiary, DWM Petroleum AG, Manas owns record title to 100% of the issued and outstanding shares of GEP GmbH, though 26% is held in trust for others. GEP GmbH owns 100% of Gobi Energy Partners LLC, the Mongolian operator of the oil and gas projects on the two blocks. Gobi signed the agreement for Seismic Services with Sinopec Mongolia LLC, a wholly-owned subsidiary of China Petrochemical Corporation, on July 12, 2011.

Officials from the company were not available for comment.

Manas Petroleum is an international oil and gas company with primary focus on exploration and development in South-Eastern Europe, Central Asia and Mongolia.

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