Our focus right now is to finalize the financing of our large exploration project in Albania. Management is actively refining negotiations and will decide which arrangement best enhances shareholder value.
Baar, Switzerland (Vocus) October 9, 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. A study by an international engineering firm 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).
Erik Herlyn, CEO of Manas, comments, "Our focus right now is to finalize the financing of our large exploration project in Albania. Management is actively refining negotiations and will decide which arrangement best enhances shareholder value." Manas now controls 100% working interest in six giant exploration blocks near Europe's largest onshore production. Independent reports from Gustavson and Associates (2008) assign (P50) of almost 3 billion barrels in block A, B, D and E (12.3 Billion Oil in Place) which Manas controls. Two of Manas' four blocks are now drill-ready. The council of ministers recently ratified the production-sharing contract on the two former Oxy blocks to DWM Petroleum, a subsidiary of Manas. These blocks are within the area where most of Bankers Petroleum's current shallow oil production derives from. Manas has the rights to explore the deeper targets in block two where Bankers is producing oil, and where in 2001 Occidental made a light oil discovery. A 51-101-compliant estimate is now being prepared. As Manas drills and develops these giant plays, it clearly has the potential to become one of the world’s fastest-growing oil companies.
Learn more how Manas Petroleum is exploring and developing projects in some of the world’s last giant onshore oil and gas plays. The company now has projects in five countries covering six million acres. Read more of this extraordinary story online at http://www.undiscoveredequities.com
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