Manas Wraps Up Seismic Program in Mongolia

Manas announced that Gobi, a Manas subsidiary and the operator of its exploration project in Mongolia, has completed its 2011 seismic program.

The seismic contract with Sinopec provided for a firm program consisting of 532 km full fold data and an optional program of up to an additional 1,106 km full fold data. The program consisted of eight phases and acquisition began August 25, 2011.

Gobi planned to acquire the most important phases before the beginning of winter and to complete the program in 2012, subject to new information resulting out of the seismic of 2011. On November 25, 2011, after completing the first seven phases and the key line of the last phase, Manas finished the seismic program after having acquired more data than initially planned and in the face of winter conditions (snow and temperatures of minus 21 degrees C).

A total of 1,311 km full fold data was acquired without any incident. Gobi is using the winter months to interpret the data. If after interpretation of the current data set Gobi determines that it requires additional data; such data would be acquired in 2012.

The specifics of this survey was a real time check process enabling the operator to adjust the program on a just in time basis. After quality control by field processing, accepted data was sent via internet to the fast track processing office and then forwarded on to our G&G team for fast interpretation. In such a way individual lines as well as whole phases were changed to the needed focus. Thus the survey was not only very cost efficient but also resulted in a very prospect oriented seismic.

Final seismic processing and interpretation has begun. Gobi is currently focusing on six areas in order to meet the corporate goal of entering into a drilling contract by the end of the first quarter of 2012 and spud the first well before end of the second quarter.