Manas Petroleum Corp. (MNAP.OB) (Manas): Announces Tajik Seismic Programme and enters into Option Farm In Agreement / Manas Petroleum Corp. (MNAP.OB) (Manas)

Baar (ots) - DWM Petroleum AG (100% subsidiary of Manas) (DWM) &
Santos International Ventures Pty Ltd. (Santos) have entered into an
Option Agreement under which Santos has a unilateral option to elect
for the those parties to execute at a later stage, a Farm In
Agreement for a 70% interest in DWM's Novobod Tajikistan License and
a proposed North Tajik licence. Manas expects the North Tajik Licence
to be granted to Somon in the near future.

DWM has a 90% equity interest in Somon with the other 10%
interest held by the local Tajik company Anawak LLC. Under the Option
Agreement Santos will pay an amount equivalent to the seismic
acquisition costs in the Tajik area (approximately USD1.3 million) in
consideration for a call option to farmin to Somon's prospecting
licences. The Option may be exercised by Santos any time during the
option period. The option period commences on the date of the option
agreement and expires after 6 months unless extended due to certain
conditions not being met.

In connection with the option agreement, DWM subsidiary Somon has
entered into a seismic agreement with Saratovneftegeofizika (SNG)
under which SNG is to carry out approximately 110 km of 2d seismic
acquisition in Tajikistan (Seismic Agreement). The Seismic Agreement
underlies the option agreement and is designed to meet a condition
set by the Tajik authorities, whereby once work has commenced in the
Novobod licence, an additional licence area, the North Tajik license,
may be granted to Somon Oil.

In the event that Santos elects to exercise its option, Somon, DWM
and Santos will execute the Farmin Agreement under which future
funding obligations are set out over three phases. Santos obligations
will include costs associated with the acquisition of additional 2d
seismic (Phase 1), the drilling of a number of exploration wells
(Phase 2) and further appraisal drilling (Phase 3). Santos may elect
to withdraw at the completion of Phase 2.

Because of commercial reasons, the parties have agreed not to
disclose the total funding obligations until a later stage.

A South Petroleum Company (SPC) operated seismic program is
currently underway on the South Tuzluk Petroleum Licence in
Kyrgyzstan (SPC is 70% owned by Santos, 25% DWM and 5%
Kyrgyzneftegaz) and as a consequence of the completion of the Option
Agreement, this survey will be extended into DWM's Tajik Novobod
license area, with Tajik data acquisition expected to commence within
the next month.

The Novobod license is located in the Fergana Basin directly north
of the South Tuzluk license. SPC is currently shooting seismic for
better definition of sub-thrust leads previously defined by Soviet 2D
seismic within the South Tuzluk license. The Novobod licence shares
the same geology as the Tuzluk license in Kyrgyzstan. An existing
oil and gas field extends across the border from the Tuzluk license
into the Novobod licence area and a number of leads may also straddle
the adjoining licence areas.

The United States Department of Energy estimates 3 billion barrels
of recoverable oil remained still undiscovered in the Fergana Basin.

This Press Release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. The Company has tried, whenever possible, to identify these
forward-looking statements using words such as "anticipates",
"believes", "estimates", "expects", "plans", "intends", "potential"
and similar expressions. These statements reflect the Company's
current beliefs and are based upon information currently available to
it. Accordingly, such forward looking statements involve known and
unknown risks, uncertainties and other factors which could cause the
Company's actual results, performance or achievements to differ
materially from those expressed in or implied by such statements. The
Company undertakes no obligation to update or advise in the event of
any change, addition or alteration to the information catered in this
Press Release including such forward looking statements.

Originaltext: Manas Petroleum Corporation
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