It issued 31,250,000 shares to professional investors at an issue price of $0.016 to raise $500,000 in working capital.

Nido also said it had confirmed the appointments of David Whitby as managing director and Gregor Dixon and James Brown as non-executive directors. Charles Morgan has altered his position from executive chairman to non-executive chairman.

Nido has been focusing on the development of the Galoc oilfield and attempting to increase production at the Nido B field in particular where it is estimated that a further 2 million barrels can be produced. Historically, Nido-A and B have produced a combined 18mmbo and Matinloc 11mmbo.