to double production drill 20 new wells, page-2

... very good news IMO!


"Nido to Pursue Tindalo Development Opportunity.

Nido Petroleum Limited (Nido) is pleased to advise that its Board of Directors has resolved to commit the resources of the Company to pursuing the development of the Tindalo oil discovery in the Philippines.

• Tindalo oil discovery in SC 54 to be fast-tracked to development
• Final Investment Decision expected September 2009 quarter
• First oil targeted for early 2010

The Tindalo development, located within the inboard, shallower portion of Service Contract 54 offshore Philippines, has the capacity to provide a second cashflow stream to Nido within the next 12 months. The Nido Board has endorsed the first project in the area and will fast-track the Tindalo development utilizing a jack-up rig based production scenario. Contributing to this decision is the Board’s confidence in the growth of the upstream oil sector in the Philippines. This comes at a time when industry activity in the country continues to increase, short-term prospects for oil prices are improving and long-term sentiment remains positive. Impact to Nido Nido’s President, Jocot de Dios, said that, “The addition of Tindalo production to the current Galoc output could potentially double Nido’s current net production position within the next 12 months. The strategic impact of this development is to reduce the Company’s reliance on any single cashflow stream and to deliver ongoing revenue.” Mr de Dios went on to say, “Nido, as the Operator of Service Contract 54, will have direct control over the Tindalo development and we are confident that we will be able to duplicate the top-quartile operational performance achieved last year during the drilling programme in 2008. It will be noted that both the Yakal and Tindalo discoveries, the first in 14 years in the Philippines, were drilled last September and October on schedule, within budget and with an exemplary health and safety record.”