Nido Expects First Oil from Galoc in May

Nido Petroleum reported that the last remaining item in the development sequence is the mobilization, hook-up and on-site commissioning of the FPSO and the subsea equipment. Pre-commissioning work on the FPSO is continuing at Batangas, some 120km south of Manila, and the Operator has advised that this process is ongoing. As advised in our last release, first oil is expected in early May 2008.

Nido will provide the market with a weekly project summary each Wednesday and will continue to notify the market immediately of material events throughout the Galoc development program.