By OGJ editors
HOUSTON, Sept. 8 – Manas Petroleum Corp., Baar, Switzerland, let a contract to DQE International, a subsidiary of CNPC Daqing Petroleum of China, to shoot 300 line-km of 2D seismic on blocks 13 and 14 in Mongolia.
Manas owns 84% of the rights to the two blocks, 10% of which is held in trust for a Mongolian oil and gas company, subject to regulatory approval and negotiation. The two blocks cover a combined area of nearly 5 million acres along Mongolia’s southern border.
The production contracts provide for a 5-year exploration period with two optional 6-month extensions allowed from an effective date of Apr. 21, 2009, and a 20-year exploitation period with two 5-year extensions allowed. The remaining 16% interest in blocks 13 and 14 is held by two investor groups.