Nido sees 11.6-B barrels in oil potential
By Abigail L. Ho
Philippine Daily Inquirer
First Posted 05:13:00 05/10/2008
Australian firm Nido Petroleum Ltd. said it had identified 11.6 billion barrels of oil-in-place potential in its three Northwest Palawan service contracts, most of which in Service Contract 58.
In a disclosure to the Australian Stock Exchange, Nido head of exploration Jon Pattillo said that of the 20 largest prospects and leads that the company had identified, 10 were in the SC 58 area, representing a total potential of more than eight billion barrels of oil.
About 3.1 billion barrels of oil-in-place potential are expected to be found in SC 54 from eight leads in the area, he said.
The remaining two leads, with estimated reserves of 427 million barrels, are found in the SC 63 area, he added.
These figures are subject to change once interpretation of seismic data is completed, Pattillo said.
Following determination of these top 20 leads and prospects, Nido is ready to take on partners for the development of its three contract areas, Pattillo said.
“Securing a technically capable operator to partner with Nido in testing the significant deep-water potential of the Palawan Basin is an important and consistent component of Nido’s exploration strategy,” he said.
“While not yet complete, the results of our seismic processing have so far generated a prospect and lead inventory that can be truly classified as world-class. While much work remains to be done, commencing the search for a strategic partner represents an exciting event for Nido,” he added.
The farm-out process is a series of steps, starting with an invitation for submission of expressions of interest from potential partners.
At this point, Nido plans to keep only a minority working interest in its three service contracts, which will allow it to “participate in the success that it believes will result from the upcoming exploration drilling program,” Pattillo said. Edited by INQUIRER.net
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