Gobi Energy Partners LLC, a Mongolian subsidiary owned by Manas through its Swiss subsidiary DWM Petroleum AG, is the operator of the project. As previously announced, Gobi signed an agreement for seismic services with the Chinese company DQE International Tamsag (Mongol) LLC, on August 31, 2010. DQE International, a subsidiary of CNPC Daqing Petroleum, has extensive experience in the hydrocarbon exploration industry performing seismic survey, well drilling, completion and services in northern China, in South-East Mongolia and many other countries.
The purpose of the vibro-seismic survey is to improve its existing geological data and to increase the chances of success of the exploratory wells intended to be drilled upon completion and interpretation of the new seismic data. The first well is anticipated to be drilled in 2011.
About Manas Petroleum Corp.
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 Kyrgyzstan, 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 Kyrgyzstan 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.