recent ann sheds light on Galoc funding.
good news imo and no surprise
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
9 May 2005
Australian Stock Exchange Limited
Company Announcements Office
Level 10 Exchange Centre
20 Bond Street
SYDNEY NSW 2000
GALOC DEVELOPMENT UPDATE
Nido is pleased to announce that the SC-14 joint venture has granted a period of exclusivity
to a farm-in consortium with a development proposal for the Galoc field in the SC-14 Service
Contract area located in the offshore Palawan Basin of the Philippines.
The farm-in consortium comprises of a major investment grade, European based, oil industry
company, Cape Energy Pty Ltd (Cape) and Team Oil Limited (Team).
The development proposal is similar to that which was proposed by Cape and Team and
disclosed by Nido to the market on 24 September 2004. This farm-in proposal represents a
strengthening of the original Cape and Team proposal via the inclusion of a firm underwriting
commitment for the farm-in group's share of the development cost and various technical
enhancements to the proposed development scenario.
The exclusivity period extends to the end of May 2005 allowing the farm-in consortium time to
establish, and equity fund, a joint operating company for the Galoc field development (Galoc
Production Company). The farm-in is subject to final approval of the SC-14 joint venture
partners and the Department of Energy in the Philippines.
Under the terms of the farm-in proposal, Nido will retain its 22.279% direct interest in the
Galoc project. Nido has been offered, by the farm-in consortium, a fully underwritten debt
facility to cover Nido’s debt component of the development costs while Nido will be
responsible for funding its equity share. Nido’s cash flow forecast presently indicates its
ability to fund its equity through internal resources. The project will be developed under the
guidance of a Steering Committee comprised of representatives from Galoc Production
Company and Nido.
I invite you to check our website at www.nido.com.au for further information on Galoc and
past announcements.
Yours faithfully
DAVID WHITBY
Managing Director
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