Nido Petroleum to tap over 2B barrels of oil

Australian firm Nido Petroleum Ltd. has completed two 2D seismic surveys within prospective oil and gas sites in Service Contracts 54A and B, the results of which will allow the company to identify the drillable targets.

These targets will then allow Nido Petroleum to tap the over 2 billion barrels of gross, unrisked oil-in-place within the Lawaan-Libas prospects in SC 54A and the Pawikan lead in SC 54B.

In a regulatory filing, Nido Petroleum chief executive officer JV Emmanuel de Dios said the two surveys were acquired between November 29 and December 10 this year, using the MV ‘Nordic Energy’ operated by seismic contractor Nordic Maritime Pte Ltd.

For SC 54A, Nido Petroleum said it acquired 73 full-fold line kilometers of new 2D seismic over the greater Lawaan and Libas prospects.

“The objective of the survey was to determine if the two prospects are connected structurally which would further upgrade the potential of the larger Lawaan prospect, which is currently the leading drilling candidate in SC 54A,” De Dios explained.

Prospective resource oil-in-place estimates for Lawaan and Libas are estimated at 34.7 million barrels and 12 million barrels, respectively.

For SC 54B, De Dios reported that the company was able to acquire 430 full-fold line km of new 2D seismic data over the Pawikan lead.

“The objective of the new seismic is to mature the Pawikan lead to prospect status by addressing remaining risks relating to reservoir and charge into the structure,” De Dios said.

The Pawikan lead lies 30 km to the south of the noncommercial Gindara-1 gas and oil discovery well, which was drilled by the SC 54B joint venture earlier this year and 10 km southwest of the Service Contract 14 Nido A/B oil fields.

Prospective resource oil-in-place estimate for the Pawikan lead was estimated at 2 billion barrels of oil.