Nido Progresses with Seismic Studies in the Philippines

Nido Petroleum Limited updates its progress on the Company's seismic acquisition campaign currently under way offshore NW Palawan basin, Philippines.

The seismic campaign, which is the largest in Nido's history, extends over SC54, SC58 and SC63 comprising a combined total of 5,475 kilometers of 2D and 826 square kilometers 3D seismic.

SC58 (Nido Operated): acquisition of the 661 square kilometers 3D and 2,350 kilometers 2D seismic program commenced on Nov. 1, 2007. As of Dec. 21, the SC 58 survey was 56% complete.

Processing of the data has started with CGGVeritas in Perth, Western Australia. The survey is expected to be completed by the end of January 2008, subject to any weather delays.

SC 63 (PNOC-EC Operated): completed acquisition of the 3254 2D kilometers survey on Dec. 8, 2007.

Processing of the data has started with CGGVeritas in Perth, Western Australia.

SC 54 (Nido Operated): completed acquisition of 180 square kilometers of new 3D seismic on Oct. 30, 2007. Processing is under way with CGGVeritas in Singapore.


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