Santos exercises its Option to acquire shares in Somon Oil, a Tajik company, from DWM Petroleum AG

abarrelfullabarrelfull wrote on 08 Aug 2012 19:50
Tags: deals manas santo tajikistan upstream

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Manas Petroleum Corp. ("Manas") (TSX-V: MNP; OTCBB: MNAP) is pleased to provide this update regarding its activities in Tajikistan.

Pursuant to a deed signed by DWM Petroleum AG ("DWM"), a 100% subsidiary of Manas, on August 6, 2012 with Santos International Ventures Pty Ltd ("Santos"), Santos has exercised its option under an Option Agreement dated December 10, 2007, under which an affiliate of Santos and a third party intend to acquire an aggregate 70% shareholding in Somon Oil Closed Joint Venture Stock Company ("Somon Oil"). The acquisition of the shares is subject to certain transaction documents being agreed and completed including a farmin agreement and a shareholder agreement ("Transaction Documents"). The remaining 30% will be owned by DWM (as to 20%) and Anavak Limited Liability Company (as to 10%).

DWM, Santos and the above-mentioned third party are in advanced stages of negotiations and expect to sign the Transaction Documents before September 6, 2012.

Somon Oil has issued tenders for long lead items and an expression of interest for a drilling rig and bundled wellsite services, in preparation for its forthcoming drilling programme.

Concerning Mongolia, Manas intends to provide an operations update after spudding the first well in the second half of August.

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