http://www.interaksyon.com/business/48956/australias-nido-looks-t...

http://www.interaksyon.com/business/48956/australias-nido-looks-to-revive-west-linapacan-oil-field-by-2014

MANILA - Nido Petroleum Ltd is optimistic of redeveloping the shuttered West Linapacan oil field in the Philippines because of the emergence of new technology and high oil prices.

Phil A. Byrne, managing director of the Australian company, told online investors relations firm www.companyinsight.net.au that Nido sees the West Linapacan project as an additional revenue stream that will compliment its other producing assets.

Discovered in 1990, the well produced nearly 8.6 million barrels of oil but was shut down in 1996 because of low prices, which slumped to $18 per barrel back then.


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"Importantly, though, the previous work had estimated the field to hold around 100 million barrels of oil in place, and in today’s oil price environment of $100 a barrel coupled with modern horizontal well completion technology, the West Linapacan field presents a very attractive proposition for potential re-development," Byrne said.

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