superbly defined and virtually drill-ready.
Baar, Switzerland (Vocus) September 15, 2009 -
Manas Petroleum (OTCBB: MNAP)
Europe’s largest onshore oilfield, the 2-billion barrel Patos Marinzas, is in Albania. But it now appears that country’s potential reserves could be far greater — one of the world’s largest onshore light oil fields lies to be announced, right in the heart of Europe.
This astonishing news came in 2007 when a study by the international engineering firm, Gustavson & Associates, was released regarding a series of giant light oil-bearing structures north of Patos Marinzas. The engineers say they could contain a spectacular 2.9 billion barrels of light crude — great news for a tiny Switzerland-based oil company, Manas Petroleum which is currently U.S.-listed. (OTCBB: MNAP).
It was especially surprising for investors, since Albania is relatively overlooked. Mention Albania to an energy analyst, and you might get a blank stare, despite the country’s many oil fields and a long oil history that goes back to ancient Rome. Its obscurity looks short-lived, however, given its growing importance as a “safe” source of oil.
After all, Europe needs reliable supplies, but from where?
Russia is getting dicey. A growing Nigerian insurgency is targeting exports. Its own North Sea production is plummeting, and the Middle East is in turmoil. Albania’s time has finally come as democracy reigns after 40 years of communism. Shell Oil and France’s Corparex, arrived first. They spent $25 million on seismic in the early 1990s, finding a deep structure with potential for 820 million barrels of light oil.
Great news, bad timing.
Oil plunged to $12 just as fighting in Kosovo spilled into Albania, a civil war broke out and both companies fled. Today all that is history. Crude in now around $70.00 and Albania, now a member of NATO is booming. Albanian oil development is now moving at full throttle.
And that Shell structure abandoned a decade ago, with its potential 820 million barrels of light crude? It is controlled by Manas Petroleum, which received final exploration and production approvals last December. Manas now has over 3,000 sq. km. in Albania. But all this is the tip of the iceberg. A further eight similar giant structures have since been discovered. Gustavson — they advise Big Oil, the U.S. Dept. of Energy and the IRS — calls the prospects “superbly defined and virtually drill-ready.” Gustavson’s work indicated a “most likely” potential for a staggering 2.9 billion barrels of light oil and 3 trillion cubic feet of natural gas.
Birth of an exploration giant?
Manas Petroleum is a product of communism’s collapse, and the great distress sales that followed.
Overall, independent US and British engineering studies estimate that Manas now has more than 4 billion recoverable barrels oil (equivalent) in the resource category, totaling more than 30 barrels per share. As it drills and develops these giant plays, Manas clearly has the potential to become one of the world’s fastest-growing oil companies.
Of course, it helps when you’re near the front of the line during one of history’s greatest distress sales.
Learn more how Manas Petroleum is exploring and developing projects in some of the world’s last giant onshore oil and gas plays. Now in five countries covering six million acres. Read more of this extraordinary story online at http://www.undiscoveredequities.com
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