The company said on Friday it had achieved a 120 square kilometre extension to the northeast of its Service Contract 54 permit in the Northwest Palawan Basin by relinquishing an equivalent area from the lease’s less prospective southeastern boundary.
“Nido will commence acquiring seismic data over this area immediately using the Pacific Titan seismic vessel,” said deputy managing director Joanne Williams.
“Nido was keen to include this acreage in its current work program because of its potential to contribute to The Philippines’ 2010 energy self-sufficiency targets.
“The rapid inclusion into our ongoing seismic program is evidence of the outstanding commitment our team and our joint venture partner Kairiki Energy have to maximising the potential of this area.”
With the addition of the Signal Head oil discovery to Nido’s asset base, the total number of undeveloped oil discoveries in SC54 increases to three.
“This cluster of discoveries and leads in shallow water offers near-term production potential and provides the next development focus for Nido after Galoc production is brought online,” Williams said.
