Senior Geoscientist, Ms. Sharon Tiainen, said "Area 1 is an under-explored part of the Palawan Basin, is contiguous with our existing acreage and benefits from having an existing gas discovery. The Aboabo discovery not only proves the continuation of the hydrocarbon fairway into this area and also demonstrates the presence of effective reservoir and trap."
Head of Exploration, Mr. Paul Quaife, said "We are delighted to have been selected as preferred bidder for this acreage award with PNOC. We gratefully acknowledge our Manila Team in this success. Area 1 will provide significant depth to our Philippine acreage position and is an important part of our exploration strategy in the Palawan Basin."
Nido and PNOC will commence negotiations immediately with the Philippines DOE to finalize Service Contract terms and conditions and the work program.
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