Nido Petroleum reported that after completing several large seismic surveys, its deepwater prospects and leads inventory in the NW Palawan basin in the Philippines has oil-in-place potential of 11.6 billion barrels.
Following recent positive responses from major oil companies, Nido is now commencing its formal search for a strategic partner to explore for oil and gas in the NW Palawan basin and is inviting industry players to submit Expressions of Interest to participate in a world-class, basin-wide exploration program.
Nido has been in the Philippines since 1995 and has accumulated an extensive technical database. In September 2004, the present board and management took over the company and elected to develop a core area in the NW Palawan basin in the Philippines. Since then, Nido has assembled a large contiguous acreage position covering 30,620 square kilometers in the prolific NW Palawan basin and is now seeking a strategic partner to participate in a big-hit exploration portfolio that has the following features:
--A basin with demonstrated prospectivity and success rates of over 50%
--9,861 kilometers of 2D and 1,325 square kilometers of 3D seismic acquired over the last three years.
--All prospects and leads are in proven geological play types in the basin and hence considered highly prospective.
--40 identified prospects and leads, of which the Top 20 are earmarked for drilling within the next three to five years.
--Top 20 prospect sizes range from 97 to 2,747 million barrels of oil in-place in water depths ranging from 75 to 1,400 meters.
--The most-likely unrisked potential is 11.6 billion barrels of oil in-place (gross)
--A prospect and lead portfolio that has been reviewed by a third party.
Nido intends to retain a minority working interest in the basin to participate in the success that it believes will result from the upcoming exploration drilling program. Nido's share of net revenue from the Galoc field will allow Nido to participate in drilling many, if not all, of its top 20 prospects within the next three to five years.
Jon Pattillo, Nido's head of exploration, commented, "Securing a technically capable operator to partner with Nido in testing the significant deepwater potential of the Palawan basin is an important and consistent component of Nido's exploration strategy. Whilst not yet complete, the results of our seismic processing have so far generated a prospect and lead inventory that can be truly classified as world-class. Whilst much work remains to be done, commencing the search for a strategic partner represents an exciting event for Nido."
Jocot de Dios, Nido's president and CEO remarked, "After 10 years of diligent effort, we are delighted to reach this critical milestone. Nido has long believed in the potential of the NW Palawan basin to be an overlooked exploration province. Our efforts to date vindicate that view and have revealed a potential prize greater than our expectations. Given the sizes of the identified drilling targets, it is apparent that just one discovery has the potential to transform Nido. We intend to drill up to 20 of these large prospects over the coming years. This is the dawn of an exciting era for Nido."
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