SYDNEY, September 13, 2011 /PRNewswire/ --
An independent report has increased Nido Petroleum Limited's
("Nido", ASX: NDO) prospective resources in the Company's NW
Palawan Basin, Philippines
exploration portfolio.
The report was completed by DeGolyer and MacNaughton (D &
M). Gross prospective original oil in place resources (OOIP) is
estimated to be 24 billion barrels for the top 20 prospects in the
Company's exploration portfolio at 31 March
2011.
This is a large increase on the Company's May 2008 statement on its gross prospective
original oil in place resources (OOIP), which was estimated at that
time to be 11.8 billion barrels based on the Company's entire
Prospect and Lead Inventory.
The increase reflects the considerable maturation of the
Company's Prospect and Lead inventory since 2008 which has
benefited from the acquisition of further 2D and 3D seismic data
and detailed prospect generation across its extensive NW Palawan
basin acreage portfolio.
The prospective resource estimates presented in the D & M
report have been reported in accordance with the Petroleum Resource
Management System (PRMS). The PRMS reporting system provides
uniform guidelines for the evaluation and reporting of petroleum
reserves and resources.
A copy of the full report prepared by D & M on behalf of
Nido is available at: http://www.nido.com.au
D & M is an international consulting firm with offices in
the United States of America,
Russia and Canada, and specialises in the evaluation of
reserves and resource estimates for major petroleum companies,
governments, financial institutions and the investment
industry.
About Nido Petroleum Limited
Nido Petroleum Limited is a Philippine focused oil and gas
company with a dominant position in the offshore North West Palawan
Basin, Philippines, holding a net
acreage position of 14,641km2. The Company participates in Service
Contracts 6B, 14, 54, 58 & 63 in an operator and non-operator
capacity, covering a mix of shallow and deep water exploration
acreage, pre-development opportunities and producing assets.
Contact: David Greer
Email: davidg@radargroup
Ph: +61-2-8256-3307
