Aquila Centre Level 3, 1 Preston Street Como WA 6152 P :+61 8 9474 0000 F: +61 8 9474 0099 www.nido.com.au Unit 38B, 38th Floor 8767 Philamlife Tower Paseo de Roxas Makati City 1226 Philippines P: +63 2 856 5492 F: +63 2 856 5494 ASX Code: NDO 12 May 2008 Company Announcements Office Australian Securities Exchange Limited Level 10, Exchange Centre 20 Bond Street SYDNEY NSW 2000 FPSO On Site At Galoc Nido Petroleum Limited (Nido) is pleased to announce that the Floating, Production, Storage and Offtake (FPSO) vessel ‘Rubicon Intrepid’ has arrived on location at the Galoc field. The field Operator, the Galoc Production Company, has advised that the FPSO departed Batangas on 10 May 2008 and reached the Galoc field on 11 May 2008 (see attached). Over the next week, the vessel will commence mooring, hook-up and commissioning procedures in preparation for first production. This preparatory work is expected to take up to three weeks to complete, with first oil anticipated around the end of May. Nido will continue to provide the market with regular updates on the Galoc development and will notify the market immediately of material events. Yours sincerely Joanne Williams Deputy Managing Director For more information please contact Ms Joanne Williams. Ph: +61 8 9474 0000, Fax: +61 8 9474 0099 www.nido.com.au
Galoc Production Company WLL #13-01 The Heeren 260 Orchard Rd Singapore 238855 Tel: 65 6248 5360, Fax: 65 6248 5370 20080511 – Press Release – FPSO Arrives at Galoc Field Page 1 of 2 Registered Office: National Bank of Bahrain Tower, 18th Floor (181), Building 113, Government Avenue, Manama Town 316, Bahrain Registered Branch Office: 3/F 111 Paseo de Roxas Bldg, Paseo de Roxas cor. Legaspi Sts., Legaspi Village, Makati City, Philippines 11 May 2008 Galoc Field Development – FPSO Arrives at the Galoc Field Galoc Production Company (GPC), the Operator of the Galoc Field offshore Palawan, Philippines, is pleased to advise that the FPSO arrived in the Galoc Field offshore northwest Palawan this afternoon, Sunday 11th May. The FPSO sailed from Batangas, a port to the south of Manila, on Saturday evening on conclusion of the inshore activities. With the FPSO now in the field, final preparations will be undertaken prior to commencement of the hooking up to the mooring and riser system that was installed during March. The current forecast is for favourable weather that should allow the hook-up operation to be undertaken over the coming week. On completion of hook-up, final commissioning of both the subsea and FPSO located equipment will be undertaken to ensure readiness to safely receive and process reservoir fluids. It is anticipated that these activities will take approximately 3 weeks with the target of achieving 1st oil by the end of the month. Initial production will involve testing of the 2 wells prior to achievement of steady state production. The 1st cargo is anticipated mid/late June.
Galoc Production Company WLL #13-01 The Heeren 260 Orchard Rd Singapore 238855 Tel: 65 6248 5360, Fax: 65 6248 5370 20080511 – Press Release – FPSO Arrives at Galoc Field Page 2 of 2 Registered Office: National Bank of Bahrain Tower, 18th Floor (181), Building 113, Government Avenue, Manama Town 316, Bahrain Registered Branch Office: 3/F 111 Paseo de Roxas Bldg, Paseo de Roxas cor. Legaspi Sts., Legaspi Village, Makati City, Philippines Additional Notes The Galoc field is located in Service Contract SC14-C (Galoc Sub Block) in 290m of water approximately 65km north west of Palawan in the Republic of the Philippines. The development involves the construction of two subsea completed horizontal production wells, with extended reservoir contacts, tied back to a Floating Production Storage and Offloading (“FPSO”) facility via a short seabed pipeline and mid-water riser system. Most likely oil reserves as estimated at time of commitment to the development in 2006, is approximately 10 million barrels. The reserves estimate and requirement for additional wells and facility capacity will be reassessed following an analysis of results from both development drilling and initial field production performance. The participating interests in the Galoc Field are as follows: Participant Participating Interest % Galoc Production Company W.L.L. (Operator) 58.29 Nido Petroleum Philippines Pty Ltd 22.28 The Philodrill Corporation 7.02 Oriental Petroleum & Minerals Corporation/ Linapacan Oil Gas & Power Corporation 7.58 Forum Energy Philippines Corporation 2.27 Alcorn Gold Resources Corporation 1.53 PetroEnergy Resources Corporation 1.03 Further information on GPC and the Galoc Field can be obtained from: • GPC’s website www.galoc.com • via email at [email protected] • or by contacting Jeff Davison, Chief Operating Officer Tel: +65 6248 5360
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