Philippines: Nido Petroleum Provides Galoc Oil Field Reserves Update

Nido Petroleum Limited today provided the results of an independent reserves audit of the Galoc oil field up to 30 June 2011 undertaken by Gaffney Cline and Associates (‘GCA’) on behalf of Nido.

Nido has a 22.88% Participating Interest in the Galoc oil field in Service Contract 14C1 and has historically conducted its own independent assessment of reserves to that undertaken on an annual basis by the Galoc Production Company (GPC), Operator of the Galoc field.

Following the GCA review, Nido reported the following:

• The Estimated Ultimate Recovery (EUR) for the Galoc field at the Proved (1P) category level on a 100% basis has increased by 19.2% from 10.4 million stock tank barrels (MMstb) to 12.4 MMstb; and

• The EUR of the 2P and 3P categories remain essentially unchanged.

A breakdown of the change in EUR compared to 31 December 2010 and Reserves for the field as at 30 June 2011 is outlined in the table below.

The reported increase in the EUR for the 1P category is attributable to better than expected reservoir performance during the first half of 2011.

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Offshore Energy Today Staff , November 17, 2011; Image: Nido Petroleum