Nido seeks partner for Palawan permitsFiled from Singapore...

Nido seeks partner for Palawan permits

Filed from Singapore 5/8/2008 5:12:51 AM GMT

PHILIPPINES: Nido Petroleum Ltd. is seeking a farm-in partner to take up a significant working interest and possibly assume operatorship of its three Palawan Basin permits offshore the Philippines.

The three permits, SC-54, SC-58 and SC-63 hold a combined oil-in-place potential of 11.6 billion barrels covering more than 27,000 square kilometres (10,425 sq miles) in the Palawan Basin. The permits contains 40 identified prospects and leads and are covered by 9,861 kilometres (6,127 miles) of 2-D and 1,325 square kilometres (512 sq miles) of 3-D seismic data. Nido plans to conduct a multi-well drilling programme on a selection from the top 20 prospects located in 75 metres to 1,400 metres (246 ft to 4,593 ft) of water over the next three to five years.

Nido holds a 60 per cent stake in SC-54 and 50 per cent of SC-58 and SC-63. The Australian explorer intends to retain a minority working interest and participate in the future exploration programme in the permits using its share of revenue from the producing Galoc field in the Palawan Basin.

The farm-in partner is expected to provide deepwater exploration and drilling expertise to speed up the exploration drilling programme. The offer excludes a shelfal area of SC-54 located in water depths of less than 120 metres (394 ft). Nido expects to make a final decision on the farm-in partner by June 30. The deadline for submission of expression of interest is June 6. Interested parties may email [email protected] for more information.

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Of particular interest is the part that Nido expects to make a final decision on the farm-in partner by June 30.
Oil in May, partner by June.

Please dyor.