Manas Petroleum, WWI Extend Due Diligence on Manas Assets in Albania

"The final agreement is currently prepared and Manas believes that the transaction will be closed shortly," Manas said in a statement.

Manas and WWI Resources entered into letter of intent last month under which Manas will sell to the latter all of the shares of one of its wholly-owned subsidiaries in exchange for a minimum of 100 million common shares worth $25 million (17 million euro) and a signing bonus in cash. As part of the deal, Manas make a restructuring so that the subsidiary will own 100% of Manas’ Albanian assets.

The letter of intent provides that, after closing, WWI will be obligated to issue to Manas up to an aggregate of 150 million additional WWI common shares upon the achievement of certain operational targets.

At closing, the subsidiary that will be sold to TSX Venture Exchange-listed WWI will hold three production sharing contracts (PSCs) onshore blocks in Albania that comprise 1.7 million net acres with 100% working interest. The PSCs are for Blocks A, B, D, E and for Blocks 2 and 3.

($ = 0.6798 euro)