Nido Encouraged by Early Palawan Results
Nido Petroleum said that it is "very encouraged" by the preliminary interpretation of new seismic data from Service Contracts 54 and 58 in the offshore North West Palawan Basin in the Philippines.
The new seismic data, in conjunction with Nido's existing seismic database, has to date identified 65 structures across Nido's exploration permits in a range of play types and water depths.
Interpretation of the seismic data is ongoing and will be augmented in the third quarter of 2007 with further 3D seismic data acquisitions in SC 54 and SC 58, aimed at maturing a range of leads to prospect status for drilling from mid-2008 onwards.
Preliminary interpretation of data from Service Contract 54 has not only confirmed the presence of tpre-3D seismic leads identified in the 2004 NW Palawan Basin study conducted with BHP Billiton and Paladin, but has also enabled the definition of a number of exciting new potential targets.
Nido is optimistic the preliminary results and will continue to mature these key leads over the next months, which will include the acquisition of c.180 sq km of 3D seismic data to further mature the "Princesa" feature in July 2007.
Preliminary review of "fast-track" processed data from Service Contract 58 has confirmed the presence of an extensive deep water fairway comprising four major play types; Nido platform carbonate in large structural closures, Large Nido limestone reefal build-ups, Miocene-aged "Galoc clastics" turbidite plays and Miocene-aged "Pagasa" turbidite plays.
Nido said that it is pleased with the number and diversity of plays identified in SC 58 based on its preliminary review of the new seismic data which has been clearly helped by the excellent image quality achieved by the survey.
Consequently, Nido has engaged Gaffney Cline & Associates based in Singapore to assist with the initial subsurface interpretation of this data. Over the next two to three months, the key objective of this work will be to develop a SC 58 Prospect and Lead Inventory from which Nido can determine the location and volume of 3D seismic data to be acquired in SC 58 in September 2007.
Preliminary technical work has commenced on the evaluation of Service Contract 63 by Operator, PNOC Exploration Corporation (PNOC-EC). Although this work is at an early stage of development, PNOC-EC and Nido are currently discussing the opportunity to accelerate the subsurface evaluation of SC 63, which contains the Aboabo-1 gas discovery located in the southern sector of the block.
Nido's Head of Exploration, Jon Pattillo, said he is encouraged with the preliminary results emerging from the new seismic data acquired.
"These positive initial findings support the potential to develop a large, attractive Prospect and Lead Inventory containing an extensive portfolio of shallow to deep-water targets across a range of plays and risks from which a material, multi-well drilling program can be delivered across our NW Palawan assets," he said.
Nido plans to report on the progress of its exploration program in the Philippines as it matures over the coming months.
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