Nido doing 2D seismic survey in Lawaan-Libas prospect

MANILA, Philippines—Australian firm Nido Petroleum Ltd. is conducting a 2D [two dimensional] seismic survey over the Lawaan-Libas prospect in offshore Palawan to identify areas where it can drill exploration wells.

“The survey aims to determine if the Lawaan and Libas prospects represent one large prospect at the Nido Limestone reservoir level,” said Nido Petroleum chief executive officer JV Emmanuel de Dios, in a regulatory filing.

“Confirmation that the two prospects are structurally connected would further upgrade the potential of the Lawaan Prospect, which is currently the leading drilling candidate in Service Contract 54 A,” De Dios added.

Nido Petroleum hopes to tap within the Lawaan-Libas prospect oil resources estimated to reach 46.7 million barrels.

According to De Dios, the company, as operator of SC 54 A and in behalf of its partners for the service contract, will be acquiring about 70 line kilometers of new 2D seismic over the prospect area.

The survey will be acquired by seismic contractor Nordic Maritime Pte. Ltd. using the 2D seismic vessel MV ‘Nordic Energy’ currently on hire by Nido Petroleum to acquire a similar 2D seismic survey at the Pawikan prospect.

De Dios disclosed that the Lawaan-Libas survey is being acquired in tandem with the Pawikan 2D seismic survey currently being acquired in the adjacent SC 54B area, which is also operated by Nido Petroleum.