The first three years of the plan involve acquiring 400 sq km of 2D seismic data and reprocessing existing seismic data.
M&S is carrying out the seismic study due to the lack of available information on the field, which makes the area's risks "very high," the statement reported M&S's chief of exploration and development Domingo Granero as saying.
The company aims to study the 5,000m-deep well on the property that was drilled in 1978. "It was this well that tempted us to present a bid in the tender and has given us hope of finding oil," he said in the statement.
Oil M&S is soliciting permits for the exploration as well as an environmental study.
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