SYDNEY, Sept. 13, 2011 /PRNewswire/ -- An independent report has increased Nido Petroleum Limited's ("Nido", ASX: NDO) prospective resources in the Company's NW Palawan Basin, Philippines exploration portfolio.
The report was completed by DeGolyer and MacNaughton (D & M). Gross prospective original oil in place resources (OOIP) is estimated to be 24 billion barrels for the top 20 prospects in the Company's exploration portfolio at 31 March 2011.
This is a large increase on the Company's May 2008 statement on its gross prospective original oil in place resources (OOIP), which was estimated at that time to be 11.8 billion barrels based on the Company's entire Prospect and Lead Inventory.
The increase reflects the considerable maturation of the Company's Prospect and Lead inventory since 2008 which has benefited from the acquisition of further 2D and 3D seismic data and detailed prospect generation across its extensive NW Palawan basin acreage portfolio.
The prospective resource estimates presented in the D & M report have been reported in accordance with the Petroleum Resource Management System (PRMS). The PRMS reporting system provides uniform guidelines for the evaluation and reporting of petroleum reserves and resources.
A copy of the full report prepared by D & M on behalf of Nido is available at: www.nido.com.au
D & M is an international consulting firm with offices in the United States of America, Russia and Canada, and specialises in the evaluation of reserves and resource estimates for major petroleum companies, governments, financial institutions and the investment industry.
About Nido Petroleum Limited
Nido Petroleum Limited is a Philippine focused oil and gas company with a dominant position in the offshore North West Palawan Basin, Philippines, holding a net acreage position of 14,641km2. The Company participates in Service Contracts 6B, 14, 54, 58 & 63 in an operator and non-operator capacity, covering a mix of shallow and deep water exploration acreage, pre-development opportunities and producing assets.
Contact: David Greer
Ph: +61 2 8256 3307
SOURCE Nido Petroleum Limited