Manas Interviews Albania Partners, Moves Forward with Drilling Projects

TIRANA, Jan 21, 2008 — In 2006 Manas funded two bank guarantees totaling US $6.2 million for the exploration of Albania blocks A, B, D, E. Of this amount US $2.4 million has been used and US $3.8 million remains to be used during the first phase exploration period ending in December 2010.
Processing is underway of 190 km of 2D vibroseis acquired during the 2008 seismic program. Seismic data will mature potential drilling prospects including a shallow target (approximately 1000m deep) in Block A. The company is in talks with potential farmin partners regarding drilling this shallow exploration prospect in 2009.
In Manas’ recently awarded Albania Blocks 2 and 3 work is continuing to optimize a location for an appraisal well of OXY’s Spiragu 1 oil discovery. Formal ratification of the PSC by Albania’s council of ministers is expected beginning of 2009. Manas is progressing discussions with potential farmin partners for the drilling of an appraisal well in 2009.