Manas Petroleum starts drilling in Mongolia
Switzerland-based Manas Petroleum (CVE:MNP) (OTCBB:MNAP) said it has started drilling in Mongolia.
The company's subsidiary, Gobi Energy Partners, spud its first well in the region, and plans to drill this first well, known as Ger Chuluu A1, to a depth of 1,200 metres and into Jurassic/Paleozoic formation.
Target horizons in Ger Chuluu A1 are Lower Zuunbayan and Tsagaantsav formations, the company said.
Manas expects the well to cost around US$1.8 million, with the well reaching target depth and being logged in mid-September.
If there is a discovery, Gobi plans to test the well with a workover rig and move the rig to the site of the second exploration well - around 170 kilometres northeast of the first well.
"Ger Chuluu A1 represents the next step in the evaluation of our Mongolian assets and a major step in the company development," said Manas president, Werner Ladwein.
The 2012 seismic survey, for a total of 335 kilometres, will be finished in the next few days, the oil and gas explorer said. The detailed prospect seismic will form the base for the 2012 and 2013 drilling locations.
Shares of Manas Petroleum rose 8 per cent to 13.5 cents Thursday afternoon.
The international oil and gas company is primarily focused on exploration and development in South-Eastern Europe, Central Asia and Mongolia.
In Mongolia, Manas owns a 74 per cent working interest in two production-sharing contracts covering Blocks XIII and XIV through its Gobi Energy Partners unit.
The company's subsidiary, Gobi Energy Partners, spud its first well in the region, and plans to drill this first well, known as Ger Chuluu A1, to a depth of 1,200 metres and into Jurassic/Paleozoic formation.
Target horizons in Ger Chuluu A1 are Lower Zuunbayan and Tsagaantsav formations, the company said.
Manas expects the well to cost around US$1.8 million, with the well reaching target depth and being logged in mid-September.
If there is a discovery, Gobi plans to test the well with a workover rig and move the rig to the site of the second exploration well - around 170 kilometres northeast of the first well.
"Ger Chuluu A1 represents the next step in the evaluation of our Mongolian assets and a major step in the company development," said Manas president, Werner Ladwein.
The 2012 seismic survey, for a total of 335 kilometres, will be finished in the next few days, the oil and gas explorer said. The detailed prospect seismic will form the base for the 2012 and 2013 drilling locations.
Shares of Manas Petroleum rose 8 per cent to 13.5 cents Thursday afternoon.
The international oil and gas company is primarily focused on exploration and development in South-Eastern Europe, Central Asia and Mongolia.
In Mongolia, Manas owns a 74 per cent working interest in two production-sharing contracts covering Blocks XIII and XIV through its Gobi Energy Partners unit.
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