galoc plan of development approved

hi guys

great news...

looks like that's one swing on the AXE...plenty more too come..

Galoc Plan of Development Approved
Nido Petroleum Limited (Nido) is pleased to announce that the Philippines
Department of Energy (DOE) has approved the Galoc Plan of Development
(POD).
This is the key government approval for the Galoc project and follows a
comprehensive review process by the DOE. The POD was submitted on 15
December 2005 and was approved on 15 March 2006.
The next step in the development is the project sanction decision by Nido and the
Operator, Galoc Production Company. The Operator is continuing its work on
detailed field development planning, engineering, procurement, construction and
logistics from its offices in Singapore.
Nido Managing Director Mr. David Whitby said “This is a major milestone for the
Galoc project and is recognition of the confidence the DOE has in the
consortium’s ability to develop this field and bring it to production. In my
experience in South East Asia, a three month turnaround of a POD of this
importance is unprecedented.”
“This approval signifies a renaissance in the Philippines oil industry. It is the first
POD to be submitted and approved in the Philippines since approval for Shell’s
giant Malampaya gas field development in July 1998.”

Nido Petroleum Limited
A.B.N. 65 086 630 373
Level 3, 41-43 Ord Street
West Perth WA 6005
PO Box 1190, West Perth WA 6872
Tel: (08) 9321 2844
Fax: (08) 9321 2544
The Galoc field is situated in Block C of Service Contract 14 (SC 14), in the North
West Palawan Basin, offshore Philippines. The field is located approximately 70
km west of Culion Island in a water depth of approximately 320 metres. Two
exploration and appraisal wells were drilled in the field during the 1980’s and the
field produced over 385,000 barrels of oil during an extended production test in
1988. Nido holds a 22.279% working interest in the field. Please see the
attached information sheet.
Yours faithfully,
David Whitby
Managing Director
For further information, contact:
Mr. Dave Whitby
Tel +61 8 9321 2844