Ottoman contracts for Palawan seismic survey

Offshore staff

SYDNEY, Australia -- NorAsian Energy Ltd. signed a contract wtih Veritas Geophysical (Asia Pacific) Pte. Ltd. for a 400 km 2D seismic program over Marantao Reef Prospect in the southwest Palawan deepwater block SC55.

The MVVeritas Voyager is scheduled to conduct the survey this September. SC55 has an area of 9,150 sq. km.

NorAsian, a subsidiary of Ottoman Energy Ltd., says SC55 is a key licence, strategically located in the center of a fairway that runs for over 1,000 km. from oil and gas fields offshore Sarawak and Brunei in the southwest, to Calauit oil field in the northeast.

8/11/06