Manas Petroleum updates on Mongolia

abarrelfullabarrelfull wrote on 03 Oct 2012 07:30
Tags: c-asia manas-petroleum mongolia upstream

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Manas Petroleum ("Manas") (TSX-V: MNP; OTCBB: MNAP) announces that its subsidiary Gobi Energy Partners LLC, has completed drilling at the Ger Chuluu D1 well. Drilling was stopped after reaching 600 meters without any hydrocarbon shows. After logging the well was plugged and abandoned.

Ger Chuluu D1 was the second well drilled in the Ger Chuluu sub-basin; it was drilled in an effort to achieve a final conclusive answer about the potential of this sub-basin. Costs of both wells amount to USD 1.9 million and were well below budget.

Gobi Energy plans to drill its next well at East Sainshand A prospect but, because the seasonal window closes at the end of October, the well will be postponed to the next seasonal drilling window.

Gobi Energy had originally focused on six sub-basins in Mongolia. After Ger Chuluu four of these have yet to be evaluated. The southeastern part of the acreage, which is currently under evaluation, has not yet been considered.

A detailed evaluation review of all prospects based on the lessons learned in the Ger Chuluu sub-basin is ongoing and might influence the drilling strategy.

Werner Ladwein , Manas' President commented, "While the results in Ger Chuluu were disappointing to all of us, we have now to focus in our Mongolian strategy on the evaluation of the potential of the prospects in the remaining four sub-basins."

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