Galoc Plan of Development Approved

Nido Petroleum says that the Philippines Department of Energy has approved the Galoc Plan of Development.

This is the key government approval for the Galoc project and follows a comprehensive review process by the DOE. The POD was submitted on December 15, 2005 and was approved on March 15, 2006.

The next step in the development is the project sanction decision by Nido and the Operator, Galoc Production Company. The Operator is continuing its work on detailed field development planning, engineering, procurement, construction and logistics from its offices in Singapore.

Nido Managing Director Mr. David Whitby said "This is a major milestone for the Galoc project and is recognition of the confidence the DOE has in the consortium's ability to develop this field and bring it to production. In my experience in South East Asia, a three month turnaround of a POD of this importance is unprecedented."

"This approval signifies a renaissance in the Philippines oil industry. It is the first POD to be submitted and approved in the Philippines since approval for Shell's giant Malampaya gas field development in July 1998."

The Galoc field is situated in Block C of Service Contract 14 (SC 14), in the North West Palawan Basin, offshore Philippines. The field is located approximately 70 km west of Culion Island in a water depth of approximately 320 meters. Two exploration and appraisal wells were drilled in the field during the 1980's and the field produced over 385,000 barrels of oil during an extended production test in 1988. Nido holds a 22.279% working interest in the field.

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