“Nido has invested significant resources into evaluating the subsurface data from the Galoc field,” GCA deputy managing director Joanne Williams said.

“This certification confirms the Galoc oil reserves as a significant and bankable asset to Nido using the commonly used international standard. GCA is recognised around the world as one of the leading oil and gas industry reserves certifiers and they are continuing their work to evaluate the upside potential of the Galoc field.”

Nido’s net entitlement to the 1P reserves is 2MMbbl while its net share of the 2P reserves is 4.4MMbbl. First oil is planned for the fourth quarter of next year.