Partners Nearer to Further Development of Galoc Oil Field Offshore Palawan

Contingent Resources in mid-Galoc were estimated using a deterministic approach and in the 2C and 3C cases represent production volumes that extend beyond the current expiry date of the Service Contract.

GCA has estimated a “chance of development” for the mid-Galoc development project, based on consideration of the key contingencies relating to this project. These include:

• The preparation and submission of a Field Development Plan for mid-Galoc
• The necessary approvals required from Government and JV partners
• The requirement for an extension to the Service Contract
• The company’s ability to successfully conduct the work program

Based on an assessment of these factors, and GPC management’s stated intentions, GCA considers that there is a high chance that the development of the mid-Galoc Area will progress as expected.

Resources Estimates Underpin Further Development of the Galoc Oil Field

Nido’s Executive Chairman, William Bloking, commenting on the Independent Contingent Resources Estimation, stated: “I am extremely pleased with the outcome of the assessment: The independent assessment of the mid-Galoc area represents a significant step-forward in the further development of the Galoc oil field.”