Manas has announced that Farmee Santos International Holding Pty Ltd ("Santos") completed the first of two exploration phases for 5 blocks in the Kyrgyz Republic.
According to the farm-in agreement between Santos and Manas' 100% subsidiary DWM Petroleum AG ("DWM"), Santos committed to spend during the first phase US $10 million for geological studies, reprocessing of up to 5,000 km 2D seismic and 1,000 km of 2-D seismic or a combination of 2-D and 3-D seismic.
Santos has now committed to commence Phase 2 of the program which will comprise the drilling of three (3) exploration wells and three (3) appraisal wells to a maximum expenditure of US $7,000,000 per well. Santos retains a right to withdraw from Phase 2 within sixty (60) days of the completion of drilling of the second exploration well.
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