Nido Petroleum Ltd of Australia, which aims to redevelop the shuttered West Linapacan oil field in offshore northwest Palawan, said it was expecting a reserves report for the project to be finalized by the end of June.
In a disclosure posted on the company website, Nido said the project operator RMA (HK) Ltd. had published reserves volumes based on an independent expert report and related information on West Linapacan.
“Nido looks forward to receiving an audited report on West Linapacan reserves currently being finalized by Gaffney Cline & Associates (Singapore) on behalf of the Service Contract 14C2 joint venture. On the basis of advice received from RMA, Nido anticipates GCA’s reserves report will be finalized by the end of June,” Nido said.
Separately, Nido managing director Phil Byrne said the capital expenditure for West Linapacan’s development would be funded mainly through cash flows from the operating Galoc oil field.
However, should West Linapacan require borrowings, Byrne said, Nido Petroleum had established strong relationships with Standard Bank and Credit Suisse through the Galoc oil field debt facility and might explore funding options with them. Riza T. Olchondra