Nido Petroleum Ltd. (Nido or the Company) provided Tuesday the results of an independent contingent resources assessment of the mid-Galoc area of the Galoc oil field in Service Contract (SC) 14, located offshore Palawan, Philippines as at June 30, undertaken by Gaffney Cline and Associates (GCA).
Details of Mid-Galoc Contingent Resources Assessment
GCA has completed its Independent Reserves and Resources assessment on the mid-Galoc area of the Galoc oil field in accordance with the SPE/WPC/AAPG/SPEE Petroleum Resource System (SPE PRMS) Definitions and Guidelines and the ASX Listing Rules including Listing Rules 5.25 to 5.44 where applicable.
The tables and information below summarize the Reserves and Resources for the mid-Galoc area of field as at June 30 in accordance with these Requirements.
The mid-Galoc oil accumulation is a northerly extension of the Galoc Field, located in Block C1 of Service Contract 14 (SC 14C1) in the NW Palawan basin, offshore Philippines and operated on behalf of the SC 14C1 Joint Venture by Galoc Production Company (GPC). The mid-Galoc area is being considered as a potential development project using horizontal drilling and subsea completion technology.
The Operator, GPC, has recently completed an extensive technical review of the existing geological and production data from the Galoc field incorporating the mid-Galoc area, resulting in new, integrated static and dynamic reservoir models which have underpinned the resource assessment undertaken by GCA.
The preliminary development plans for mid-Galoc are based on drilling two horizontal, subsea development wells tied back to the Galoc Field Floating Production Storage and Offloading (FPSO) facilities. Crude oil sales will be by ship-to-ship transfer from the FPSO to a shuttle tanker. The development plan is still being optimized, and has not yet been submitted to the Philippine authorities for approval.
As part of its resource assessment work, GCA reviewed various data, interpretations and models provided by GPC and conducted its own analyses of these data sets and models, amending them where necessary. The assessment conducted by GCA, in arriving at its oil in-place estimates, comprised geophysical analyses, a review of depth conversions and seismic attribute analyses, review and update of the geological model, petrophysical analyses and a review of fluid contacts.
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