Nido Wins Service Contract 63 Offshore Philippines

Nido Petroleum Limited has been awarded Service Contract 63 (SC 63) (formerly known as Area 1) in the North West Palawan Basin, offshore the Republic of the Philippines.

At a ceremony held on Friday 24th November , 2006 Secretary of Energy Raphael P.M. Lotilla, Philippine National Oil Company (PNOCEC) President and CEO (OIC) Raphael Del Pilar and Vice President of Nido Petroleum Philippines Pty Ltd, Leonardo M. Ote signed SC 63, confirming Nido's position as the second-largest petroleum acreage holder in the Philippines and allowing Nido to:

--Partner with PNOC-EC (Nido 50% equity; PNOC-EC 50% equity and Operator)
--Acquire an interest in a 1.056 million hectare block, which is contiguous with Nido's existing Philippine acreage, bringing the total acreage length to 450 kilometers, measured from north to south
--Evaluate the potential of the Aboabo-1 gas discovery (Phillips Petroleum 1980, 50mmscf/day on DST)
--Explore the extension of the Miocene (Pagasa Turbidite) play fairway.

Senior Geoscientist, Sharon Tiainen, said "SC 63 with the Aboabo-1 gas discovery represents a potentially very significant extension of the proven NW Palawan hydrocarbon basin toward the south and in the direction of the huge new oil fields, offshore Northern Sabah. The acquisition of new seismic data as part of our initial work program will enable us to map this relatively under-explored area for the first time. We will be very interested to see if the Miocene turbidites are also developed in this area as they are to the north."

Ote said, "We are delighted to have been awarded SC 63 with PNOCEC which is an opportunity to strengthen our relationship as joint venture partners. This award will also allow Nido to continue to play a key role in the renaissance of oil and gas exploration in the Philippines."

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