Manas Petroleum is pleased to report that the drilling of the second exploration well at the Huday Nazar SPC-1 (Soh license) prospect by the Kyrgyz joint venture, SPC (South Petroleum Company) is underway. Huday Nazar SPC-1 is to test tertiary-aged (Palaeogene) clastics and carbonate reservoirs between 1680 and 1835m below ground level. Projected total depth of this well is 2400m below ground level and it is expected to take 30 to 40 days to drill. Should drilling be sufficiently encouraging, testing and completion of the wells would be made following the drilling.
The offset analogue field to the Huday Nazar SPC-1 prospect is the North Soh oil and gas field (13 MMBO & 140 BCF), which is approximately 20 km to the West. The P50 mapped closure on the Huday Nazar SPC-1 prospect is 5.0 square km while the net thickness of the targeted reservoirs (using the productive limestone and sandstone strata from analogue fields) is estimated to be 20 meters with 14% porosity in the P50 scenario.
The Huday Nazar SPC-1 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 SPC-1 propsect are the North Rishtan (1 MMBO) and North Soh (13 MMBO, 140 BCF). The Huday Nazar SPC-1 operation 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 the 2010 deep drilling program, which is expected to commence early 2010.