Manas Petroleum Corp. (TSX: V.MNP, Stock Forum) said that its subsidiary Gobi Energy Partners LLC spudded its first well in Mongolia.
Gobi Energy plans to drill this first well Ger Chuluu A1 to a depth of 1200 meters and into the Jurassic/Paleozoic formation. The company owns 3 million acres in southeastern Mongolia.
According to the press release, Gobi Energy anticipates that Ger Chuluu A1 should cost approximately US$1.8 million, with the well reaching target depth and being logged mid-September 2012.
In the event of a discovery, Gobi Energy plans to test the well with a workover rig and move the drilling rig to the site of the second exploration well, approximately 170 kilometers northeast of Ger Chuluu A1.
The detailed prospect seismic that forms the base for the 2012 and 2013 drilling locations was identified after surveying 335 kilometers of the property.
Manas is an international oil and gas company with primary focus on exploration and development in South-Eastern Europe, Central Asia and Mongolia.
On Thursday, Manas’ stock was up 8% and was trading at $0.135 a share. The company has a market cap of $23.3 million, based on 172.5 million shares outstanding. TH e52-week high and low was $0.32 and $0.11 respectively.