This second phase of reserves certification has extended the previous analyses of the field to include 3P reserves (Proved+Probable+Possible) related to the inclusion of the second phase of development and has yielded the following results:
Areal Extent: 15 sq. km
Nido Deputy Managing Director, Joanne Williams said "This is an excellent result for Nido and indicates that there maybe significant added value from a second phase of development of the Galoc field. We consider the recovery factor of 21% a conservative estimate for this field type, where the average range is usually 15-30%."
"Today's announcement follows one by Nido on 30 August, in which we reported certification of the proven reserves at 9.7 million barrels and proven plus probable reserves of 23.5 million barrels reflecting oil recoverable from the first phase of development of the Galoc Field. The first phase is progressing as expected and we will continue working closely with the field operator (the Galoc Production Company) to realize the full potential of the field."
In April 2006 Nido commissioned GCA to undertake an independent reserves certification of the Galoc oil field. The purpose of the reserves certification was to provide independent verification of Nido's methodology and results from seismic interpretation through petrophysical analysis and reservoir simulation. In addition, GCA performed an Economic Limit Test that satisfies the commerciality requirements of the internationally recognized Society of Petroleum Engineers/World Petroleum Council (SPE/WPC) reserves definitions.
Nido holds a 22.279% working interest in the Galoc oil field.
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