PNOC Exploration Acquires 1,000km of New 2D Seismic Data Over the Bikuda and Bulador Prospects in SC 58

Taguig–(PHStocks)–PNOC Exploration Corporation (PSE: PEC) has announced that new 2D seismic data will be acquired in Service Contract 58 (SC 58) by Nido Petroleum Philippines Pty Ltd, as operator and on behalf of the SC 58 Joint Venture.

Highlights:

  • Approximately 1,000km of new 2D seismic data to be acquired over the Bikuda and Bulador prospects located in the northern sector of SC 58. These prospects were high-graded by subsurface work undertaken during 2011.
  • The objective of the survey is to mature the Bikuda and Bulador prospects to drillable status for consideration as potential drilling candidates to meet the Sub-Phase 3 commitment well due before 12 January 2014. The proposed seismic program will address critical subsurface risks, in particular the structure and hydrocarbon charge, by providing a dense one-by-one-kilometer seismic grid over the pre-existing, broad-spaced vintage 2D seismic grid.
  • The survey will be conducted by Searcher Seismic Pty Ltd using the RV “Aquila Explorer” and will commence on or around 24 January 2012. The survey is expected to take approximately 10 days to complete.
  • The Bikuda and Bulador prospects are estimated to contain oil originally in-place (OOIP) of 937 mmbbls and 84 mmbbls, respectively, for the combined Late Miocene sandstones and Nido Limestone reservoir objectives.

SC 58 Working Interests

Nido Petroleum Philippines Pty Ltd (Operator) — 50% Working Interest

PNOC Exploration Corporation (PNOC-EC) — 50% Working Interest

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