Welcome To The Manas Petroleum Corp HUB On AGORACOM
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Message: NR CEO message...including Santos in phase 2?
| Chairman and CEO of Manas release letter on future strategy |
| BAAR, SWITZERLAND, March 4th, 2010. Manas Petroleum (OTCBB: MNAP) Dear friends and fellow shareholders, We have closed the transaction for the financing of the Albanian project. Although structured differently, this transaction is in general consistent with Manas' business model and strategy by farming out the majority of a project while retaining an interest between 25% and 35% carried until discovery. This business model enables Manas to reduce its financial risk and still participate in the enormous up-side potential of the various projects. In the Albanian transaction Manas begins with a significant ownership interest which could increase with time and operational success to as much as 50%. Additionally, Manas retains a strong management position within Petromanas, where Manas is filling the positions of CEO and CFO and nominated 3 of the 6 seats on the board. What does this mean for Manas? With the closing of the Albanian project financing, Petromanas has assumed Manas' debts and Manas now goes forward debt-free. In addition to our equity participation in Petromanas, we propose to focus our attention on the exploration of our operated projects in Mongolia and Tajikistan while continuing to be a constructive partner in Kyrgyzstan. By Santos entering into the 2nd Phase of the Kyrgyz project and providing funding in Tajikistan for the operational costs including the upcoming seismic campaign, Santos has confirmed their commitment to these projects. We believe that the on-going carry from the farmed out projects and the returned cash from Petromanas to Manas for past investments in the Albanian exploration give us sufficient financial strength to follow this route. Outlook: In 2010, we are looking with excitement at promising seismic campaigns in Albania and in the Western license area of Tajikistan. We are planning to spud at least 2 deep wells in Kyrgyzstan, and, additionally we are preparing to spud in Albania. Each of these projects has the potential to substantially increase the value of our projects and your investment in our company. Additionally, in the continuing effort to expose Manas to a much larger and a more resource sophisticated audience, we are continuing to take the necessary steps to become listed on the TSX Venture stock exchange and we are already filing at SEDAR. Our commitment to acquire, develop, drill and produce oil remains as intense, and perhaps more so, than ever. We now believe that we have the foundation in place to become a great company, discovering, developing and producing oil for years to come. It is our expectation to be shortly reporting additional progress, and we continue to look forward to the on-going reporting of progress, to you, our friends and shareholders. |
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