Nido coring identifies hydrocarbon seeps off Philippines

Preliminary results of deepwater seabed coring in SC 58 offshore Philippines in the NW Palawan basin indicate liquid hydrocarbons, reports Nido Petroleum on behalf of the SC 58 Joint Venture.

Offshore staff

SYDNEY, New South Wales – Preliminary results of deepwater seabed coring in SC 58 offshore Philippines in the NW Palawan basin indicate liquid hydrocarbons, reports Nido Petroleum on behalf of the SC 58 Joint Venture.

GC-MS analysis of 14 cores confirmed hydrocarbons similar to known NW Palawan source rocks and similar to producing areas of the basin. In the central area of the coring survey, seeps were located that correspond to the Gutanding, Balyena, and Balyena East prospects, says Nido. The company also estimates SC 58 to hold more than 5 Bbbl of unrisked oil in place.

Nido and the Philippine National Oil Co. – Exploration Corp. each hold half interest in the area.

09/22/2010

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