galoc update from ndo

This was announced today from NDO.

"...

Galoc (Working interest 22.879%, non-operator)
Galoc, of course, has been back on production since mid-August and the field continues to produce at around 11,000 barrels of oil per day (i.e. over 2,500 bopd net to Nido.) Most significantly, on 15 September 2009, cargo number 8 with 335,432 barrels of oil (76,745 barrels net to Nido) was lifted successfully. The field operator, Galoc Production Company (GPC) has also advised Nido that future offtake from cargo number 9 has been sold to another repeat buyer (and is due for offtake this month) and the marketing of cargo 10 is well underway. With stable oil prices, continued healthy demand for Galoc crude throughout the region and a steady rate of production, Nido’s financial position remains healthy.
As reported in the international press last week, Tropical Storm Ondoy (international name Ketsana), ravaged Metro Manila in the Philippines and left at least 246 dead. Relief efforts are underway to assist those who have lost their homes and property. Nido is doing its part to help in these efforts. Fortunately, production at the Galoc oil field continued steadily during the passage of the stormy conditions.
The Galoc Joint Venture continues to assess further facility and subsurface development options for Phase 2 of the Galoc oil field development. In support of these efforts, it is important for Nido to have a more current and meaningful understanding of the developed reserves, the undeveloped reserves and any other remaining potential in the field. To meet this challenge, Nido is presently updating its reserves assessment of the Galoc oil field to incorporate performance data through to the end of September 2009. We will advise the market once this work is concluded in early 2010. ..."