West Linapacan Reserves Audit Nears Completion

Nido Petroleum Limited reported that the operator of the Service Contract 14C2 West Linapacan Block, offshore Philippines, RMA (HK) Limited has disclosed that the reserves audit undertaken by Gaffney Cline & Associates for the West Linapacan A field is nearly complete.

“While the finalization of this report has taken longer than expected I can assure Nido’s shareholders that the analysis of the reserve potential and development options for the West Linapacan “A” re-development is progressing well. I am particularly pleased with the depth and breadth of the technical and commercial studies that have been undertaken by RMA (HK) Ltd on behalf of the Joint Venture. Attention to detail at this stage of the project will pay dividends as we progress towards making a development decision,” Phil Byrne, Nido's managing director said in a company release.

West Linapacan A, which was discovered in 1990, produced 8.5 million barrels of 32 degree API oil between 1992 and 1996 before shutting due to low oil price. Peak production reached over 18,000 barrels per day (bopd). A separate structure, West Linapacan B, located 4.7 miles (7.5 kilometers) from the A structure, was drilled in March 1993 and flowed on test of the same reservoir horizon as that of West Linapacan A at a rate of 2,860 bopd.

Both fields are located in water depths of 984 to 1,148 feet (300 to 350 meters) in North West Palawan Basin and produced oil from the fractured Nido limestone reservoirs.

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