Albanian Production Sharing Contract for Blocks 2 and 3 Approved

BAAR, Switzerland, Nov 10 – Manas Petroleum Corp., a Baar, Switzerland based company, announced its wholly owned subsidiary, DWM Petroleum AG signed a Production Sharing Contract (PSC) for Blocks 2 and 3 in Albania.
The blocks cover approximately 3,400 km2 (approximately 850,000 acres).
The Albanian government was represented by Genc Ruli the Minister of Economy, Trade and Energy and Manas & DWM by Chairman Heinz J. Scholz. Formal ratification of the PSC by Albania’s council of ministers is expected in the near future.
Blocks 2 and 3 were explored by Occidental Petroleum and the Albanian National Petroleum Company “Albpetrol.”
Manas Petroleum is an international oil and gas company with primary focus on exploration and development in south-eastern Europe, Central Asia and South America. In Albania, Manas has developed a giant exploration project with a total resource potential (P50) of 2.9 billion barrels.