Manas Petroleum Corp. announced that on December 21, 2012, its wholly-owned subsidiary DWM Petroleum AG ("DWM") was informed by Santos International Ventures Pty Ltd ("Santos") that it has decided not to pursue their option granted by DWM in December 2007 to farm-in into CJSC Somon Oil ("Somon Oil"), a Tajik company having 100% interest in two exploration blocks.
DWM is in negotiations to setup a new consortium for this world-class acreage.
With regards to the rehabilitation project, DWM is in the final process of negotiating a Share Purchase Agreement, which will be entered into before the end of January 2013 with an unrelated third party.
An update on both transactions will be given by the end of January 2013.
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