MNP Petroleum Announces Commencement of Tajikistan Operations
BAAR, SWITZERLAND--(Marketwired - Jan 23, 2014) - MNP Petroleum Corporation ("MNP" or the "Company") (TSX VENTURE: MNP) (OTCQB: MNAP) is pleased to announce that CJSC Somon Oil, a Tajik company whose 90% shares are owned by DWM Petroleum AG, a wholly-owned subsidiary of MNP, has commenced operation on its Western license by starting the preparation of the drilling location and access road for its first well.
CJSC Somon Oil is the license holder and operator of the Western license, covering the Zapadnyi (Novobod and Obchai-Kalacha allotments) contract area, and the Northwestern license, covering the Severo-Zapadnyi contract area. Both licenses are located in the prolific Fergana Basin in the Sugd region northern Tajikistan, and both licenses are operated under a Production Sharing Contract dated May 7, 2012. Interpretation of recently acquired seismic resulted in several drill ready prospects and CJSC Somon Oil has selected Kayrakkum B as the first well to be drilled. It is intended to spud beginning of the third quarter 2014.
On January 16, 2014, CJSC Somon Oil entered into a contract with JSC Sugdnaftugaz for the construction of the drilling location and the access road for the Kayrakkum B exploration well. JSC Sugdnaftugaz, based in Neftebad, Tajikistan, is a reputable oil field contractor with over 50 years of experience in these operations in the area.
Dr. Werner Ladwein, CEO and President of MNP, stated, "that achieving this milestone for the exploration campaign of MNP in Tajikistan is a very important step for the exploration of this part of the Fergana basin."
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may", "should", "anticipates", "believes", "expects", "intends", "forecasts", "plans", "future", "strategy", or words of similar meaning. Forward-looking statements in this press release include statements about CJSC Somon Oil's intent to spud the Kayrakkum B exploration well in the beginning of the third quarter of 2014. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect current judgment regarding the direction of MNP's business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risk of unexpected delays arising from field conditions, MNP's ability to raise the necessary capital and other risks identified in MNP's periodic filings with the Securities and Exchange Commission on EDGAR. Any of these risks could cause MNP's or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Except as required by applicable law, including the securities laws of the United States and Canada, MNP does not intend to update any of the forward-looking statements to conform these statements to actual results.
