With Albania opening its doors for more foreign investment in oil sector, Manas Petroleum (OTCBB:MNAP) has already amassed assets in Albania. It now has one of the world’s largest onshore light oil exploration projects in Albania. It is (safely) in Europe and only 20 miles north of continental Europe’s largest oil field. According to the combined conclusions of super-major Shell and a French company, Coparex, one prospect has the potential to produce over 800 million barrels of light oil. But the project has grown much larger. The council of ministers recently ratified the production-sharing contract on the two former Occidental blocks to DWM Petroleum, a subsidiary of Manas, according to a press release.
Manas Petroleum claimed that it now has what it considers Albania's greatest exploration assets as it controls 100% working interest in 6 giant exploration blocks in Albania with a proven oil system. Work by US engineering firm Gustavson & Associates (They also have done work for America’s IRS, Department of Energy, the World Bank and companies like Conoco and Chevron) concludes the potential reserves exceeds a tremendous 3 billion recoverable barrels.
The prospects include conventional exploration targets involving sub-thrust hydrocarbon accumulations in fractured carbonates. These projects clearly have excellent economics as Gustavson estimates that the cost of production for any deep oil developed from Manas' light oil resource to be a mere $2 per barrel. In its assessment, Gustavson reported: "The probability of success for a wildcat well in a structural complex area such as this is relatively high (because) it is in a structurally favorable area (and) proven hydrocarbon source and analogous production exists only 20 to 30 kilometers away."
Manas expects drilling of this giant play to begin by mid-2010 with the drilling of an appraisal well at the Sphiragu discovery in blocks 2 and 3. The light oil is definitely there and equally as important Manas has put together a formidable geological team of top exploration managers from Shell, OMV and Occidental Petroleum to exploit the resource. Manas has spent significant time and money to get to this point and we believe they have the people and projects to make it a success and that the timing could not be better. The potential is astonishing and very real considering that the work done by Manas and their predecessors on the 6 exploration blocks adds up to more than 70 million dollars. (Courtesy: PRWeb)(Commodity Online)
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