Manas Petroleum (OTCBB: MNAP) Drilling of First Shallow Light Oil Exploration Well Underway in Kyrgyzstan

BAAR, Switzerland, June 15 -- Manas Petroleum (OTC: MNAP - News) is pleased to report that the drilling of an exploration well at the North Ayzar-1 (Tuzluk license) prospect by the Kyrgyz joint venture, SPC (South Petroleum Company), Santos, Ltd. (NasdaqCM: STOSY) is underway. The North Ayzar-1 is to test tertiary-aged (Palaeogene) clastics and carbonates reservoirs between 1650 and 1900m. Projected total depth of this well is 1950m and it is expected to take from 20 to 30 days to drill. Following the drilling of the North Ayzar-1, the drill rig is scheduled to be moved to a second deeper prospect called the Huday Nazar in the Soh license area where drilling would commence approximately 2 weeks later. Should drilling be sufficiently encouraging, testing and completion of the wells would be made following the drilling of the Huday Nazar.

The offset analogue field to the North Ayzar prospect is the Beshkent-Togap Field (10 MMBO) which is 5km (3 miles) to the Southwest. The P50 mapped closure on North Ayzar prospect is 3 square km while the net thickness of the targeted reservoirs (using the productive limestone and sandstone strata from analogue fields) is estimated according to calculations by RPS Scott Pickford to be 12 meters with 17.83% porosity.

The P50 mapped closure for the Huday Nazar prospect is approximately 6 square km and the planned depth of the well is 2400m. The Huday Nazar prospect was generated as a result of the processing of seismic shot in a recent 2D seismic program by SPC. Analogue fields for the Huday Nazar are the North Rishtan (1 MMBO) and North Soh (13 MMBO, 130 BCF). The Huday Nazar replaces the previously planned drilling of the smaller and shallower East Chongora prospect which is also in the Soh License area.

Acquisition of a total of 800 km of 2d seismic within the SPC licenses was completed as of late May 2009 and seismic processing is on-going. Preparations are underway for 2010 deep drilling program which is expected to commence early 2010.Undiscovered Equities is currently offering a complimentary trial subscription. To view the full report on Manas Petroleum visit: http://www.undiscoveredequities.com/

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Our View

Drilling has started in Kyrgyz Republic making upside surprises now very possible.

The exploration wells being drilled are near producing fields. Any production is expected to be low cost in fact the economics were originally done at $35 a barrel. The first prospect is the shallowest and smallest (around 3 million barrels) the second considerably larger. From these two the news flow should just keep accelerating. These wells are to be followed by deep wells which are capable of 10,000 to 20,000 barrel per day production rates.

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