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First Galoc Revenue Received
Nido Petroleum Limited (Nido) is pleased to advise that since the first offtake was announced on 10 November 2008, first revenue has now been received by Nido from the Galoc field. Ms Joanne Williams, Nido’s Deputy Managing Director, said “As we advised in November, the inaugural Galoc cargo was sold to the Petron refinery in the Philippines and our 22.279% participating interest share of the cargo payment was received directly from the buyer yesterday. Further, despite the poor crude oil market conditions worldwide, the joint venture has now sold a total of four cargoes with a combined volume of around 1.3 million barrels.” The field operator, the Galoc Production Company WLL (GPC), has advised that three additional crude oil cargoes have been sold on behalf of the joint venture partners in the past month following the first cargo oftake. The second cargo of 306,010 bbl (68,176 bbl net to Nido) was lifted from the facility on 1 December with the offtake of the third cargo due before the end of the year. Ms Williams went on to say, “We have been pleased with the online performance of the Rubicon Intrepid to date with facility uptime of over 95%. The field production rate has averaged around 13,000 barrels of oil per day over the past month whilst we have continued the well testing programme and the ongoing assessment of the performance of the reservoir. Notwithstanding the prevailing market conditions, at current production rates, the cost of production to Nido is approximately US$15/bbl, which leaves a substantial operating margin for us.”