Manas Petroleum Corp. Operational and Financial Highlights 2nd Quarter 2012
BAAR, Switzerland, Aug. 21, 2012 /PRNewswire/ -- Manas Petroleum Corp. ("Manas") (TSX-V: MNP; OTCBB: MNAP) has filed its quarterly report on Form 10-Q for the six months ended June 30, 2012 on EDGAR and on SEDAR. (www.sedar.com or www.sec.gov). The following provides you with a review of some of the highlights:
Highlights Q2 2012
· PSA ratified by Tajik government
· Mongolia: Prospects ranked and drilling scheduled for second half of August
· Entered option agreement to purchase producing assets in Central Asia
Operations Review
Mongolia
During the second quarter of 2012, our Mongolian subsidiary, Gobi Energy Partners LLC, concluded a passive seismic campaign. The integration and interpretation of the 2D seismic data acquired in 2011 was finalized, which, along with the results of the passive seismic, allowed us to complete the ranking of the prospects. Three prospects were selected as potential drilling locations for 2012; we plan to drill two of these in 2012. We plan to spud the first well, Ger Chuluu A1, during the week starting August 20, 2012, after completion of the 2D seismic campaign. We expect this well to be approximately 1,200 meters deep.
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Financial Status as of June 30, 2012
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Total operating expense increased in all segments. Increased exploration activity, especially in Mongolia, resulted in higher exploration and personnel costs. Consulting expenses increased due to increased exploration activity at our projects in Mongolia and Tajikistan, increased investor relations activities, and also due to negative expenses related to the re-measurement of equity-based awards to non-employees in 2011 (non-cash).
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Link to report
Highlights Q2 2012
· PSA ratified by Tajik government
· Mongolia: Prospects ranked and drilling scheduled for second half of August
· Entered option agreement to purchase producing assets in Central Asia
Operations Review
Mongolia
During the second quarter of 2012, our Mongolian subsidiary, Gobi Energy Partners LLC, concluded a passive seismic campaign. The integration and interpretation of the 2D seismic data acquired in 2011 was finalized, which, along with the results of the passive seismic, allowed us to complete the ranking of the prospects. Three prospects were selected as potential drilling locations for 2012; we plan to drill two of these in 2012. We plan to spud the first well, Ger Chuluu A1, during the week starting August 20, 2012, after completion of the 2D seismic campaign. We expect this well to be approximately 1,200 meters deep.
…
Financial Status as of June 30, 2012
…
Total operating expense increased in all segments. Increased exploration activity, especially in Mongolia, resulted in higher exploration and personnel costs. Consulting expenses increased due to increased exploration activity at our projects in Mongolia and Tajikistan, increased investor relations activities, and also due to negative expenses related to the re-measurement of equity-based awards to non-employees in 2011 (non-cash).
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Link to report
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