Nido Expects West Linapacan Oil Project Reserves Report Soon
Nido Petroleum Limited (Nido) advised that the Operator of Service Contract 14C2, RMA (HK) Limited (RMA), has published reserves volumes from an independent expert report and related information on its website with respect to the West Linapacan Oil Field redevelopment in the North West Palawan Basin in the Philippines.
Nido said it cannot verify the volumes or projected values for recoverable oil volumes and the economic value ascribed to the project as published on RMA’s website. The company added that RMA has removed the relevant material from public display on its website.
Nido looks forward to receiving an audited report on West Linapacan reserves currently being finalized by Gaffney Cline & Associates (Singapore) (GCA) on behalf of the SC14C2 Joint Venture.
On the basis of advice received from RMA, Nido anticipates GCA’s reserves report will be finalized by the end of June and the Company will update the market accordingly.
Philippines liquids (oil and condensate) production was set to increase as new projects are expected to come onstream, including an anticipated final investment decision for developing West Linapacan.
The West Linapacan oil field comprises West Linapacan A, which was discovered in 1990 and produced 8.5 million barrels of 32 degree API oil between 1992 and 1996 before shutting due to low oil price. Peak production reached over 18,000 barrels per day (bopd).
A separate structure, West Linapacan B, located 4.7 miles (7.5 kilometers) from the A structure, was drilled in March 1993 and flowed on test of the same reservoir horizon as that of West Linapacan A at a rate of 2,860 bopd.
Both fields are located in water depths of 984 to 1,148 feet (300 to 350 meters) and produced oil from the fractured Nido limestone reservoirs.
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