Several months ago I had a gutful of NDO management and the lack...

Several months ago I had a gutful of NDO management and the lack of action from the Board to rectify the obvious failings. It occurred to me that the Board consists of various disciplines, finance, government/public service, geology etc. What they don?t have in the leadership team or on the board is anyone with in depth well construction experience.



They pay themselves ?Performance Bonuses? at 92% of the maximum level despite what is obviously unacceptable performance and only one of them refuses to accept the full pay rise (he is probably happy with a 1.13 million dollar package ? I don?t think he is on the list to replace Don Volte with that performance?)



The failures on Tindalo would appear to be most likely related to poor engineering and repeated bad decisions due to a lack of understanding and in many cases common sense. Examples of this are sidetracking out of un-cemented liner rather than the cemented 9-5/8? casing and using a swell packer and then destroying it with acid (which is a well documented reason not to use a swell packer if you intend to acid soak).



Nido claim that the $47 million disaster on Tindalo is a ?non-recurring? event in their financial report. How, when it is most likely down to incompetence and the same incompetent people are planning Gindara can they claim (and we the shareholders believe) that this is non-recurring?



To supplement the gap in the Board?s experience I offered myself as a director ? I explained that I had no difficulty if they didn?t want me for any reason but that I had a major problem if they thought that they were doing an acceptable job and did not need someone with solid drilling and well engineering experience. Needless to say my nomination was met with a cool reception and they have not come up with an alternative candidate.


I don't want a Board seat - but Nido are failing badly without the right people in management and on the Board. My nomination was meant to prompt action from Nido - but there has been none.


I would encourage any shareholder out there who is not happy with the performance of the Board and or the CEO and Management AND thinks that they could do as good or better than the current board (and that is just about all of you I?d say) to nominate themselves by inserting their details in the following and mailing it to the company ASAP (as nominations will close soon).



I'm not going to get elected and neither are you but you can show Nido what you think of them and force some action.



Nido needs YOU!

Cut and paste this, fill in your details and send it off ASAP!

p1000





YOUR ADDRESS

Suburb STATE Pcode



DATE



The Company Secretary

Nido Petroleum Limited

Level 3, 1 Preston Street
Como WA 6152



Notice of Desire to be a Candidate for Election at AGM.



I, YOUR FULL NAME, being a member of Nido Petroleum Limited (ACN 086 630 373, ASX:NDO) hereby state my desire to be a candidate for election to the Board of Directors of the company at the upcoming Annual General Meeting (in accordance with the requirements of Clause 35(h)(3) of the company?s constitution).



Please also be advised of my consent to act as a Director as required under Section 201D of the Corporations Act 2001.



I have taken this action to demonstrate my dissatisfaction with the performance of senior management and the Board?s failure to monitor and respond to this unacceptable performance.



Yours faithfully,



SIGN HERE





YOUR FULL NAME