Manas Completes Work Program in Mongolia Ahead of Schedule
Manas Petroleum reported that DWM Petroleum, its 100% owned subsidiary, has completed its year-1 work program on Blocks 13 and 14 in Mongolia, ahead of schedule. The work was originally expected to be completed on April 21, 2010.
The operation was managed by Boris Goldinshtein, Manas' General Manager for Central Asia, with operations being performed by Manas Gobi ltd., located in Ulan Bataar. The technical work entailed the collection and processing of:
- geological data from previous exploration campaigns,
- geological mapping,
- geological structural sections, and,
- paleontolic stratigraphical work and gravimetry.
The resulting technical data were merged into a data base which was then queried to identify geologically interesting structures. The results produced definitive and interesting anomalies which is planned to be further analyzed through acquired seismic studies.
The Mongolian government has acknowledged their satisfaction with the technical work performed to date and have subsequently released, as of December 1, 2009, DWM's $ 2 Million Dollar Bank Guarantee. A portion of this money will be used for ongoing operational purposes with the remainder to be used to repay a debt obligation linked to the original Bank Guarantee.
Manas owns a 74% interest in Blocks 13 and 14, which cover an aggregate of over 20,000 square kilometers, or almost five million acres, of land located on Mongolia's southern border.