Nido prepares for first oil from Galoc

Nido Petroleum Ltd. expects first oil from the Galoc oil field in the Northwest Palawan basin offshore the Philippines in 1Q 2008.

Offshore staff

PERTH, Western Australia -- Nido Petroleum Ltd. expects first oil from the Galoc oil field in the Northwest Palawan basin offshore the Philippines in 1Q 2008. The first development well is to be spudded in Philippines service contract (SC) 14 in 320 m (1,050 ft) water depth.

Nido says theEnergy Searcher drillship, which is drilling an exploration well in Mozambique, will drill two wells to be linked through subsea and surface facilities with the Rubicon Intrepid FPSO.

The field initially will produce 15,000 b/d of oil, with a production plateau of 17,500 b/d for 12-24 months, Nido reports.

The company has accelerated exploration in Philippine SC 54, 58, and 63. Eight leads have been identified from preliminary interpretation of the Abukay 3D seismic data in SC 54, confirming potential oil in place of 450 MMbbl in the Coron North area. Nido has planned 165 sq km (64 sq mi) of additional seismic work in the contract area for 3Q 2007.

Nido has identified more than 20 leads from preliminary interpretation of the Talusi 2D seismic survey and will begin shooting an additional 661-sq-km (255-sq-mi) 3D survey in late 3Q 2007 as well as a 1,928-km (1,198-mi) 2D survey in the same area.

In SC 63, the regional 2D seismic survey has been accelerated and expanded to cover 3,165 km (1,967 mi). The survey will begin in late 3Q 2007 as well, Nido says.

8/9/2007

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