Manas Petroleum: Drilling at Huday Nazar Prospect On Track
Manas Petroleum has reported on the drilling progress of its second, deeper exploration well at the Huday Nazar SPC-1 (Soh License) Prospect with Santos International Pty. Ltd its Australian-based fellow Shareholders of SPC (South Petroleum Company).
Drilling activity has reached currently a depth of 1970m and drilling is going ahead for additional 430m to the target depth of 2400m.
As the drilling program continues, the partners anticipate interesting intervals in subsequent hole sections, where primary objective reservoirs are interpreted to occur between 1680m and 2400m below ground level which is total well depth. The Prospect was generated as a result of the processing of seismic shot in a recent 2D seismic program by SPC.
The Huday Nazar replaces the previously planned drilling of the smaller and shallower East Chongora Prospect, which is also in the Soh License area. Acquisition of a total of 800 km of 2D seismic within the SPC licenses was completed as of late May, 2009 and seismic processing and interpretation is ongoing as part of a $ 54 million USD seismic, appraisal and drilling program undertaken by Santos International Pty. Ltd. Santos has the option to discontinue the program after drilling of the second well. Manas Petroleum has a 20% interest in the fully carried exploration program. Preparations by South Petroleum Company are underway for a deep drilling program expected to commence during the first half of 2010. Manas Petroleum's wholly-owned subsidiary, DWM Petroleum AG is the legal and beneficial owner of 25% of the issued share capital of South Petroleum Company, (SPC).
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