PERTH, Australia, April 2 /CNW/ - Nido Petroleum is very encouraged by
the preliminary interpretation of new seismic data from Service Contract's 54
and 58 in the offshore North West Palawan Basin.
The new seismic data, in conjunction with Nido's existing seismic
database, has to date identified 65 structures across Nido's exploration
permits in a range of play types and water depths.
Interpretation of the seismic data is ongoing and will be augmented in
the third quarter of 2007 with further 3D seismic data acquisitions in SC 54
and SC 58, aimed at maturing a range of leads to prospect status for drilling
from mid-2008 onwards.
Preliminary interpretation of data from Service Contract 54 has not only
confirmed the presence of tpre-3D seismic leads identified in the 2004 NW
Palawan Basin study conducted with BHP Billiton and Paladin, but has also
enabled the definition of a number of exciting new potential targets.
Nido is optimistic the preliminary results and will continue to mature
these key leads over the next months which will include the acquisition of
c.180 sq km of 3D seismic data to further mature the 'Princesa' feature in
Preliminary review of 'fast-track' processed data from Service Contract
58 has confirmed the presence of an extensive deep water fairway comprising
four major play types; Nido platform carbonate in large structural closures,
Large Nido limestone reefal build-ups, Miocene-aged 'Galoc clastics' turbidite
plays and Miocene-aged 'Pagasa' turbidite plays.
Nido is pleased with the number and diversity of plays identified in SC
58 based on it's preliminary review of the new seismic data which has been
clearly helped by the excellent image quality achieved by the survey.
Consequently, Nido has engaged Gaffney Cline & Associates based in
Singapore to assist with the initial subsurface interpretation of this data.
Over the next two to three months, the key objective of this work will be to
develop a SC 58 Prospect and Lead Inventory from which Nido can determine the
location and volume of 3D seismic data to be acquired in SC 58 in September
Preliminary technical work has commenced on the evaluation of Service
Contract 63 by Operator, PNOC Exploration Corporation (PNOC-EC). Although this
work is at an early stage of development, PNOC-EC and Nido are currently
discussing the opportunity to accelerate the subsurface evaluation of SC 63,
which contains the Aboabo-1 gas discovery located in the southern sector of
Nido's Head of Exploration, Mr Jon Pattillo, says he is encouraged with
the preliminary results emerging from the new seismic data acquired.
"These positive initial findings support the potential to develop a
large, attractive Prospect and Lead Inventory containing an extensive
portfolio of shallow to deep-water targets across a range of plays and risks
from which a material, multi-well drilling programme can be delivered across
our NW Palawan assets".
Nido looks forward to reporting on the progress of its exploration
programme in the Philippines as it matures over the coming months.
View the complete ASX announcement on the Nido website for further
details, www.nido.com.au or contact the Perth office on +61 (8) 9474 0000.
For further information:
For further information: Jennifer Dowdeswell, PMS - on behalf of Nido
Petroleum Limited, Tel: +61 8 9473 0546, Mob: +61-417-174-072, Fax: +61 8 9473
0576, Email: firstname.lastname@example.org