Sinopec’s Subsidiary Discovers Black Gold in Inner Mongolia very close to Manas Petroleum’s Blocks 13 and 14

Sinopec’s Subsidiary Discovers Black Gold in Inner Mongolia very close to Manas Petroleum’s Blocks 13 and 14

Last week another medium sized oil field has been found in China’s northern Inner Mongolia Autonomous Region. Click here for the RIGZONE article.

The Inner Mongolia Autonomous Region in North China is known as one of the major oil and gas producing regions of China. More than a dozen large oil and gas producing fields have been discovered in the region with expected reserves exceeding 15 billion barrels of oil and 35 trillion cubic feet of natural gas.

Manas Petroleum (OTCBB: MNAP) owns a 74% interest in blocks 13 and 14 which cover an aggregate of over 20,000 square kilometers or almost 5 million acres of land located on Mongolia’s southern border. These blocks cover an immense area and show great potential for exploration as evidenced by multiple oil seeps and extensive source rocks.

Manas Petroleum has already identified several leads on these blocks from previous seismic. Field work performed by Manas in block 13 already has confirmed the structural model and also indicated the presence of large thrust-related prospects throughout the block. Work continues to further define these prospects and develop the project.

Also in the area is the Autonomous Region’s giant Sulige field, which is estimated to contain 3.6 barrels of oil and 21 trillion cubic feet of gas. The Sulige field is directly to the south of block 13. Block 13 has multiple oil seeps where reservoir rocks outcrop. These same reservoir rocks are producing oil in Zuunbayan and Tsagaantsav shallow oilfields which are situated in close vicinity to the north of block 13. The oilfields are operated by a Chinese company Dong Sheng, which is a branch of PetroChina (NYSE: PTR), which operates in the north of China and in Mongolia. The two producing oilfields are very shallow (a few hundred meters deep).

For more information and a geological map of Mongolia please go to page 27 of the Manas presentation.

Manas Petroleum Corporation (Manas Petroleum) is a development-stage company engaged in the business of exploring for oil and gas, primarily in Central Asia and the Balkans. The Company is focused on the exploration of light oil prospects. The Company carries out operations both directly and through participation in ventures with oil and gas companies to whom it has farmed out a project. The Company is involved in projects in the Kyrgyz Republic, Albania, Tajikistan, Mongolia and Chile.

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