coron north article

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10.05.07
Size of Nido’s Coron North expands
six fold with new 3D data
Nido is starting to gain some tangible findings
from the 640km2 Abukay 3D survey recorded in
the northern part of its 60% held Palawan Basin
block SC-54 in Philippines waters, with some
impressive information coming out of the
Coron North focal structure which fast track its
status as the candidate to drill asap.
Previously listed as a 75-100mil bbl four way
dip closed structure, analysis of the new 3D
confirms the key Coron North prospect as
technically robust and has lead to Nido placing
new reserves estimates on the prospect.
Based on a delineated areal closure of 15km2 and
incorporating reservoir quality information from
nearby wells, Nido now claims that Coron North
could be a 450mil bbl play, which would well and
truly see Nido elevated into a whole new league if
it comes in anywhere near that volume.
Pre-seismic, the main leads already identified in
SC-54 included the Custodio, Signal Head and
Guntao prospects, along with another main
lead of interest in the Princesa Pagasa turbidite
play in the western area of the block. That
structure is also looking the goods as a drilling
candidate in the early stages of analysis, but
not only that, the seismic has also delineated a
number of other Princesa style leads. The
seismic will allow Nido to fine tune its portfolio
of 30 highlighted features to work up some of
the most promising to drillable status.
For times when money runs short, typically
after a bout of deep target drilling, Nido also
has a catalogue of 24 pinnacle reef targets in
shallow water depths less than 120m, which
won’t put as much pressure on the company
coffers to drill. The shallow prospects are
thought to bear similar geology to the
producing Nido oilfields.