Aquila Centre Level 3, 1 Preston Street Como WA 6152 P :+61 8...

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 Philamlife Tower 8767 Paseo de Roxas Makati City 1226 Philippines P: +63 2 856 5492 F: +63 2 856 5494 ASX Code: NDO 30 April 2008
Company Announcements Office
Australian Securities Exchange Limited
Level 10, Exchange Centre
20 Bond Street
SYDNEY NSW 2000


Galoc Project Update to 30 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.
Crude Oil Assay Results
During the past week, Nido received the results of the crude oil assay from the samples collected during the well flow testing in February. The assay results indicate that the Galoc oil is a light, non-waxy, medium sulphur crude with good middle distillate yields.
Nido’s Deputy Managing Director, Ms. Joanne Williams, said "We are very pleased with these results as they indicate that the Galoc crude is compares favourably with the higher sulphur crudes that are imported to South East Asia from the Middle East. We are continuing our marketing efforts with Trafigura and these results will greatly assist us with our work."
FPSO ‘Rubicon Intrepid’
The last remaining item in the development sequence is the mobilisation, hook-up and on-site commissioning of the FPSO ‘Rubicon Intrepid’ and the subsea equipment. The Operator, the Galoc Production Company, has advised that the pre-commissioning work is continuing on the FPSO at Batangas, some 120km south of Manila. As advised in our recent releases, first oil is expected in May 2008.
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 Philamlife Tower 8767 Paseo de Roxas Makati City 1226 Philippines P: +63 2 856 5492 F: +63 2 856 5494 ASX Code: NDO
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
Deputy Managing Director
Ph: +61 8 9474 0000
F: +61 8 9474 0099
www.nido.com.au