volume rose up at once. The strangest thing here is that the gain happened unexpectedly and at no news released. Though, it looks like something is going on with Manas, which will be soon revealed.The last news by the company came up in the beginning of this month, when it announced a proposed public offering of common shares and reported its financials. However, the offering was a subject to certain conditions and Manas was hoping to close it in late March or early April this year. The news being announced, no further information on the matter has been published yet, and no one is familiar with the company’s current operations.
According to traders’ discussion on the investorshub.com message board, it is expected the up move of MNAP to continue as news of some drilling was approaching. However, no news has been released at this point. Still, this rumor has probably pumped up MNAP stock price to some extent, and now investors are curious to know how far it may go.
Another interesting fact about Manas was that last week Mr. Heinz Scholz, a director and 10% owner of the company, has disposed certain amount of its common stock with no reasonable explanation. Was it a hard effort for a gain or not, is still unanswered question though.[BANNER]
Manas Petroleum is an international oil and gas company with primary focus on exploration and development in South-Eastern Europe, Central Asia and Mongolia. Last month, MNAP hit another impressive gain on some investors’ suggestions, however, it didn’t last long. Meanwhile, the only problem of Manas remains the same – financials.
The company’s quarterly report shows no revenues, however, there are significant losses uncovered. Based on the business plan for the next 12 months, the management of Manas claims that the company will need about $8,2 million to fund its operations, though it doesn’t expect to need the additional funding before Oct 2011. At the same time, in order to continue operations beyond October, the team will still require further funds, “raised through additional equity and/or debt financing”. This, however, may be dilutive to the shareholders.
