This seismic is to further define and analyze the extension of the Tuzluk structural trend (prospects delineated in the Kyrgyz Tuzluk license) and mature a number of Tajik prospects to drill-ready status on this trend in the Manas Western license area in Tajikistan, the company said.
Somon originally has identified seven under-thrust prospects that are located close to existing oil fields and which were originally identified by soviet seismic and by a previous 123km 2D seismic acquired by Somon during December 2007 and June 2008.
First analysis of the data confirms the existing prospects (two prospects are now considered mature for drilling) and reconnaissance data has revealed several large undrilled structures in the recently acquired Northwest license. The new seismic data is currently being processed, interpreted and integrated with the pre-existing seismic and correlated to historical drilling data.
In December 2007, Manas entered into an option farm out agreement with Santos International Ventures for the Tajik licenses. Should Santos exercise its option to farm-in, it will fund up to $74m in a phased seismic, exploration and appraisal drilling program, in return for 70% equity in the project, with Manas retaining a 20% carried interest.
Santos may withdraw from the program after drilling four exploration wells (end of Phase 2 and up to $51m expenditure).
