Nido Petroleum's Seismic Survey on Track

Nido Petroleum is pleased to provide an update on the progress of the company's seismic acquisition campaign currently underway offshore NW Palawan basin, Philippines.

The seismic campaign, which is the largest in Nido's history, extends over SC 54, SC 58 and SC 63 comprising a combined total of 5,475 km of 2D and 826 sq km 3D seismic.

SC 54 (Nido operated): The CGGVeritas MV 'Pacific Titan' completed acquisition of 165 sq km of new 3D seismic on October 30, 2007. The survey was designed to provide greater coverage of the Late Miocene 'Pagasa' Turbidite play along the western flank of SC 54 and adjoins the Abukay 3D seismic survey acquired by the SC 54 Joint Venture in late 2006. Data processing is underway with the final 3D cube expected in Q1 2008.

SC 58 (Nido Operated): The CGGVeritas MV 'Pacific Titan' mobilized following the completion of the SC 54 Abukay 3D survey, commencing acquisition on November 1, 2007 of 661 sq km 3D and 2,350km 2D seismic, of which 450km will be acquired as line extensions into adjacent SC 54.

As of the 9th November the SC 58 survey was on schedule at 15% complete & is expected to be completed by the 14th January 2008, subject to weather.

SC 63 (PNOC-EC operated): The CGGVeritas MV 'Pacific Sword' suspended acquisition on November 5th due to damage to the trailing equipment. Acquisition of the remaining program is now scheduled to resume on November 18th following the completion of another operational license within the group shoot. The SC 63 3,125km of new 2D seismic will provide a uniform 'base-line' survey of modern 2D seismic data across the entire block. A 2 x 2 km infill seismic grid will be acquired over the Aboabo-1 well in the southern sector of the block which is reported to have flowed gas at 50MMscf/d.

As of November 9th the SC 63 survey was 63% complete and is expected to be completed by the 30th November 2007, subject to weather.


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