Manas Petroleum Corp. update on Tajikistan
Thursday, Jan 03, 2013
BAAR, Switzerland, Jan. 2, 2013 /PRNewswire/ -- Manas Petroleum Corp. ("Manas") (TSX-V: MNP; OTCBB: MNAP) is pleased to announce that on December 31, 2012 its wholly-owned subsidiary, DWM Petroleum AG ("DWM"), entered into a Share Purchase Agreement ("SPA") with an unrelated third party ("Seller"), whereby DWM will acquire, for cash, an 80% stake in a Swiss company, which at the time of the completion of this transaction will indirectly own 100% interests in certain mature producing assets in the Republic of Tajikistan which will be rehabilitated and redeveloped.
The transaction is subject to Tajik government and stock exchange approvals and is expected to close before the end of April 2013.
"We believe that signing this SPA and entering into this rehabilitation and redevelopment project is a major step in the transformation of Manas from a pure exploration company to an exploration and production company," said Dr. Werner Ladwein, President of Manas.
An update of the project will follow end January 2013.
About Manas Petroleum Corp.
Manas Petroleum is an international oil and gas company with primary focus on exploration and development in South-Eastern Europe, Central Asia and Mongolia. In Albania, Manas participates in a 1.7 million acre exploration project through its 15.8% equity interest in Petromanas Energy Inc., a Canadian public company. In the Kyrgyz Republic, Manas has a 25% working interest in two exploration blocks. In Tajikistan Manas owns 90% working interest in a Production Sharing Agreement covering the license areas Zapadnyi and Severo-Zapadnyi in the Soughd region through its wholly-owned subsidiary DWM Petroleum AG. In Mongolia, Manas owns 74% working interest in two Production Sharing Contracts covering Blocks XIII and XIV through its wholly-owned subsidiary DWM Petroleum AG.
Source: Manas Petroleum Corp.
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