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NIDO PETROLEUM LIMITED - ASX: NDO
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Description
Nido Petroleum Ltd is an oil and gas company with exploration production and development assets in the North West Palawan Basin.In the last three years Nido obtained encouraging new 2D and 3D seismic data from SC54, 58 and 63. This new data, in conjunction with Nido’s existing seismic database, identified over 100 structures across Nido’s exploration permits in a range of play types and water depths. Nido is optimistic about the preliminary results and continues to mature these key leads.
Preliminary technical work has commenced on the evaluation of SC63 by Operator, PNOC Exploration Corporation (PNOC-EC), the country's State-owned oil company. Although this work is at an early stage, PNOC-EC and Nido are seeking to accelerate the subsurface evaluation of SC63, which contains the Aboabo-1 gas discovery located in the southern sector of the block.
Nido’s core development asset is the Galoc oil field. Galoc lies within SC14 in 300 metres of water, some 60 km offshore of Palawan Island. The Galoc reservoir is some 2,200 metres below the sea floor and has certified Proven & Probable (2P) reserves of about 24.5 million barrels of oil.
A phased development of this field is underway by a Joint Venture led by Nido and the field Operator, the Galoc Production Company. Phase 1 involved the drilling of two horizontal production wells and subsea tie-back to the Floating Production, Storage and Offtake vessel ‘Rubicon Intrepid’ moored nearby. First production commenced 9 October 2008 and the field is expected to produce at an initial rate of between 17,500–22,000 barrels of oil per day. This will almost double Philippines national oil production.
Mine For
oil, gas
Location of operation(s)
Philippines
Address
Aquila Centre , Level 3 , 1 Preston Street
COMO, WA, AUSTRALIA
Phone
08 9474 0000
Website
Last Updated
05/03/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.