The Tajik government has ratified the production sharing agreement with JSC Somon Oil, owned 90% by Manas Petroleum Corp., Baar, Switzerland.
Santos International Ventures Pty. Ltd. holds an option pursuant to which it can acquire a 70% interest in Somon. Ratification of the PSA was the last hurdle for Santos to exercise its option to farm in pursuant to the option agreement signed between DWM Petroleum AG, a 100% subsidiary of Manas, Santos, and Tajik firm Anawak LLC on Dec. 10, 2007. The Santos option will expire if not exercised within 3 months of the PSA award.
Somon has completed its 2011-12 seismic program, having shot 872 line-km of 2D seismic. Sources included Vibroseis and different dynamite in the mountains and offshore on Lake Karokum.
Manas said geological work confirms the great potential of the Somon acreage and the prospectivity of shallow and deep prospects. Somon anticipates that the first well should be spudded by the end of 2012 and that the second well will follow immediately.