pnoc website..commence seismic survey

hi guys

see below from PNOC website.

you'd expect they'll start on Nido's assets after completion of SC57.
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PNOC EC, CNOOC and MEL Commence Seismic Survey on Northwest Palawan

The Service Contract (SC) 57 consortium composed of PNOC Exploration Corporation (PNOC EC), China National Offshore Oil Corporation International Limited (CNOOC) and Mitra Energy Limited (MEL) commenced a 2,500 km. seismic survey project in offshore Calamian, northwest of Palawan. The seismic data acquisition aims to generate the much needed geophysical data that will enable the three companies to determine the drillable prospects in the SC 57 block.
The M/V Veritas Voyager of Viking Maritime, Inc. started the survey last August 27, 2006 and is expected to complete the work on September 18, 2006.
The SC 57 has a term of seven years. Work commitment for the first three years consists of the acquisition of at least 1,000 kilometers of seismic data and the drilling of a well, with total expenditures estimated at $17.6 million. The cost of the current seismic project is about $2.4 million.
Service Contract 57, which covers a total area of 7,200 square kilometers in the Calamian area, was awarded to PNOC EC by the Department of Energy last September 15, 2005 for petroleum exploration and development. The area lies north of the country’s oil and gas fields such as the Malampaya, Cadlao and Matinloc, and is located within the northwest Palawan block where most of the country’s oil production comes from. PNOC EC partnered up with CNOOC for the project, with both companies signing a farm-in agreement last January 2006. This is pursuant to the “Framework Agreement for Upstream Opportunities in the Calamian Area” which the two companies signed on April 26, 2005 in Malacañang, during the state visit of Chinese President Hu Jintao. On March 2006, a second farm-in agreement was signed between PNOC EC and MEL. PNOC EC owns 28% of the concession, while partners CNOOC and MEL hold 51% and 21% stake respectively.

regards