AMENDMENT TO CURRENT REPORT
Date of Report (Date of earliest event reported): May 7, 2012
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
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This Amended Current Report on Form 8-K/A attaches the news release actually disseminated by us on May 9, 2012. The Current Report on Form 8-K originally filed by us attached an earlier draft that incorrectly inverted the name of the Minister of Energy & Industry (Mr. Sherali Gul instead of Mr. Gul Sherali), which was not the news release that was actually disseminated.
Item 1.01 Entry into a Material Definitive Agreement.
On May 7, 2012 the Government of the Republic of Tajikistan ratified the Production Sharing Agreement with our subsidiary, Joint Closed Stock Company Somon Oil.
Under the terms of the Production Sharing Agreement, Somon is granted the exclusive right and authority to carry out all petroleum exploration, development and production activities in the contract area for a term of 30 years (with the right, under specified circumstances, to renew for up to two additional five year periods). The agreement provides for a framework within which exploration, development and production activities will be planned, conducted and paid for and it determines how funds invested by Somon will be recovered and how profit oil will be shared between the government and Somon. The agreement provides for the establishment of a Board of Directors (with six directors, three to be selected by Somon and three to be selected by the Government of Tajikistan), grants to Somon the right to appoint an operator for the project and obligates the Government of Tajikistan to assist Somon in its exploration, development and production activities.
Santos International Ventures Pty Ltd (Santos), a wholly owned subsidiary of Santos Limited, holds an option pursuant to which it can acquire a 70% interest in Somon. The ratification of the PSA was the last step for Santos to exercise its option to farm in pursuant to the option agreement signed between DWM Petroleum AG, a 100% subsidiary of Manas, Santos and Anawak on December 10, 2007. The Santos option will expire if it is not exercised within three months of the award of the Agreement.
Item 8.01 Other Events.
A copy of our news release dated May 9, 2012 is furnished herewith. See Note, above.
Item 9.01 Financial Statements and Exhibits.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amended report to be signed on its behalf by the undersigned hereunto duly authorized.
MANAS PETROLEUM CORPORATION