Manas Petroleum's case their news release is highly positive and reaffirms our expectation that more company-building (and share price boosting) deals are in its pipeline. Manas has just more than tripled its Fergana Basin acreage to over 11,000 acres with the addition of its Tajikistan license. Recall that the United States Geological Survey estimates 3 billion barrels (produce-able) remain in the same structures Manas Petroleum and partner Santos are testing in the basin. Manas is also in the advanced stages of negotiations regarding the licenses farm-out.
Our guess and it is just a guess, is that the Manas farm-out will amount to something similar to their current deal with Santos. This means the company will have more than $100 million allocated towards the exploration and development of what is arguably some of the most prospective real estate in the Fergana Basin. This is not good news - IT IS GREAT NEWS! And it further confirms our expectation that they will continue to build their portfolio of high quality projects while minimizing financial risk.
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