Nido expects to finish the deepwater survey on October 12, several days after a 3D marine seismic survey, covering 653 square kilometres, is due to start in SC 44. A subsequent 3D seismic program is planned for SC 58.
Under an earlier farm-in deal with Philippine National Oil Company (PNOC), Nido has farmed-in to earn a half-stake by agreeing to pay 100%, or about $US8.5 million ($A11.3 million), of the associated costs of seismic acquisition and interpretation up to January 2008.
Covering 1.344 million hectares, SC 58, which lies in the centre of the Palawan Basin, is considered to be a licence with world-class prospectivity, according to Nido.
Nido holds a 60% interest in SC 54 in partnership with farm-in outfit Yilgarn Petroleum Philippines.
