Nido Petroleum advised that the Philippine Department of Energy has approved the Tindalo oil field Plan of Development (POD) in Service Contract 54 Block A in the Northwest Palawan Basin.
Key facts from the POD are:
Nido Deputy Managing Director, Ms. Joanne Williams, said, "This is a significant milestone in the life of the Tindalo development and is one of key approvals required by the SC54 joint venture. The Secretary of Energy, Angelo T. Reyes, and his team at the Department of Energy, have been very thorough and proactive in their evaluation of the development proposal but have also provided great encouragement and assistance. We look forward to working closely with the Department in the coming months in the lead up to project execution, well testing evaluation and production operations and the commencement of oil production in 2010."
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