BP TO DRILL WILDCAT AT SITE OFF PHILIPPINES

BP Petroleum Development Ltd. plans a wildcat on a block off Palawan in the Philippines on a farmout from Crestone Energy Corp., Denver. Under the farmout agreement, BP received from Crestone 55% interest and operatorship of Geophysical Survey and Exploration Contract 54, a 5,822 sq mile block off western Palawan Island in the South China Sea. Crestone was awarded GSEC 54 last fall. Under the GSEC, Crestone received a 60% interest with remaining interests allocated to a combine of Philippine

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