Upstream had reported on 17 August that the company had secured a semisub with 45,000 barrel-per-day production capacity to exploit Calauit, on Service Contract 50 in the offshore north-west Palawan basin.
The contract for the semisub, which is expected to be delivered by 15 October 2007, requires six periodic payments over a 12 month period totalling $11.25 million from 15 October 2006.
This
