Nido Petroleum Limited provided an update on its operational activities, offshore Palawan Basin, the Philippines.

On July 2, 2008 Nido and its Joint Venture partner, Kairiki Energy Limited, commenced operations in Service Contract 54 with the start of the site survey program. This is being undertaken in anticipation of drilling two firm wells with the WilBoss jack-up rig later this year in the shallow water area of Service Contract 54. The survey will also cover the deeper water Gindara prospect which will be drilled in 2009. In total, eight areas will be surveyed for potential hazards and shallow gas with both analogue and digital grids to evaluate the sea bed and subsurface at possible drilling locations. An environmental base line study will also be conducted as part of Nido’s health, safety and environment focus. The site survey vessel Baruna Jaya has been contracted through Fugro Survey Pte Ltd and the work is scheduled to take four weeks, depending on weather conditions.

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