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MNP Petroleum Signs Term Sheet to Partner in Tajik Projects at Accesswire Wed 10:23am
MNP Petroleum Signs Term Sheet to Partner in Tajik Projects
Accesswire
50 minutes ago
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BAAR, SWITZERLAND / ACCESSWIRE / April 1, 2015 / MNP Petroleum Corp. ("MNP") (TSX-V: MNP; OTCQB: MNAP) announces that it has signed a term sheet with a US-Dubai Consortium for partnership in its projects in Tajikistan. Pursuant to the term sheet Parties have agreed not to disclose the terms until a binding agreement has been signed.
Update Stichting VB Vagobel Transaction
MNP has notified Stichting VB Vagobel ("Vagobel") that it did not complete its transaction with MNP on March 26, 2015. MNP has provided formal notice and has given Vagobel until April 7, 2015 to cure by funding the purchase on or before that date.
Operations Update
Tajikistan Exploration Project: Somon Oil intends to spud the first well on the Western License in the beginning of the third quarter 2015. The plan is to drill three wells in a row.
Tajikistan Redevelopment Project: A field development program for the first five years has been developed. This program consists of light work overs (such as changing pumps, tubing, pumping units and clean ups), heavy work overs (plug backs, reperforations, stimulations, fishing and casing repairs) and new wells mainly in the shallow fields. The program will also include replacing the gathering lines, the pumping units and setting up the necessary operating facilities. Additionally it will include seismic for development. With this program production will be increased in a short period.
About MNP
MNP is an international oil and gas company with primary focus on exploration and development in Central Asia and Mongolia. In Tajikistan MNP owns 90% working interest in a Production Sharing Agreement covering the license areas Zapadnyi and Severo-Zapadnyi in the Soughd region through its wholly-owned subsidiary DWM Petroleum AG, and it owns a 37% working interest in ten producing oilfields. In Mongolia, MNP owns 74% of the working interest in two Production Sharing Contracts covering Blocks XIII and XIV through its wholly-owned subsidiary DWM Petroleum AG.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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