Interesting info in annual report released today. In Krygyzstan, up to four deep wells this year. They are still negotiating for rigs and don't expect to drill before the third quarter, but it seems like they may just keep drilling when they start.
In Albania they are required to either invest 2.5 million in further siesmic in both blocks A and B and blocks D and E or drill a 6 million dollar well in each set of blocks. ( that is two wells, one for A and B and one for D and E.) Based on the forms filed with the Canadian regulatory agency they have already budgeted for the two wells at about 8 million each. Interestingly, former Oxy well that hit oil is in Blocks 1 and 2 and is not part of the budgeted drilling. However, there is an interesting choice of words in the annual report. When discussing what is still to be done under the "volumetrics" section with regard to areas in blocks D and E they talk about determining the volume of the "resources." Under 1 and 2 they talk about determining the volume of the "reserves." It might just be a mistake, but as I read the new rules of the SEC and I COGE, the Canadian rules, as well as the Petroleum Engineers, they say to declare reserves one no longer has to actually drill and be pumping oil. It can be done with sufficent electronic evidence etc. Oxy already declared 227 million barrels of reserves for the Spiragu well in blocks 1 and 2 before abandoning Albania. This is where Gustavson said Manas had 1.5 billion barrels of P90 oil. Manas may be preparing to declare these reserves before drilling.
This is significant because Manas will get 25 million more shares when they have 50 million barrels of reserves declared by an auditor and 500 thousand more for each 50 million barrels after that. I may be reading too much into that, but it's possible.
On Mongolia, the agreement calls for drilling to start in the third year of the plan. The PSA was signed in early 2009 so the third year would be 2011. With the announcement about Tajikistan earlier this month, Manas could be drilling in four countries in 2011.
This could get interesting.