Manas and IPR won the tender for the Tranquilo block in November 2007 and signed a special operating contract (CEOP) with the Chilean ministry in April 2008. The final ratification of the CEOP is expected during the second quarter of 2008.
The farm-out-agreement is effective after the final ratification of the CEOP and the necessary approvals for licensee status of the farminee through the appropriate Chilean authorities.
Erik Herlyn, COO of Manas Petroleum, said: This farm-out is consistent with our core strategy of acquiring major oil and gas licenses for highly prospective under thrust structures and then limiting the financial burdens and risks associated with their exploration and development.
