Nido's a great longterm buy....put those contract notes under...

Nido's a great longterm buy....put those contract notes under the mattress ;))

Galoc Project Update - 16 April 2008 Nido Petroleum Ltd (Nido) is pleased to provide this update on the development of the Galoc oil field, offshore Palawan Basin, The Philippines. The last remaining item in the development sequence is the mobilisation, hook-up and on site commissioning of the FPSO and subsea equipment. Pre-commissioning of the FPSO is continuing in Batangas, some 120km south of Manila and verification of readiness for hook-up of the FPSO to the pre-installed mooring and riser system is ongoing. The Operator has advised that this process is taking longer than expected and hook-up has been delayed accordingly. As a result, first oil is now expected in early May 2008. Nido will provide the market with a weekly project summary each Wednesday and will continue to notify the market immediately of material events throughout the Galoc development. Yours sincerely Joanne Williams Deputy Managing Director For more information please contact: Ms. Joanne Williams Deputy Managing Director Ph: +61 8 9474 0000 F: +61 8 9474 0099 www.nido.com.au