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Nido Petroleum Ltd. (fka NIDOF)

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Nido Petroleum Ltd. (fka NIDOF)

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Renee PremiumMember
07/18/17 5:11 PM
Post #43
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styl Free
01/25/14 12:04 AM
Post #42
Re: #41: @freesilver - What happened to NIDOF? Down 55 %
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Re: #38: @styl - when is this going to trade again??
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Re: #33: @SCREAMING EAGLE - Nido is debt free and cash in the bank.
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02/26/12 4:51 PM
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Re: #34: @SCREAMING EAGLE - The next 12-18 months could transform this company.
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Re: #33: @SCREAMING EAGLE - Nido is debt free and cash in the bank.
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Re: #32: @SCREAMING EAGLE - Nido has a gret backlog of prospects that
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Re: #27: @WildcatDriller - The drill bit needs to turn here...
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10/18/11 10:32 AM
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Re: #3: @WildcatDriller - The OOIP is 24 billion barrels.
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Nido Petroleum Ltd. (fka NIDOF) RSS Feed

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Welcome to Nido Petroleum Ltd.

       Nido Petroleum is an oil and gas exploration and production company whose business activities are focused on the offshore Palawan Basin, the Philippines. The company is headquartered in Perth, Western Australia and is listed on the Australian Stock Exchange. It has a fully staffed office in Manila, Philippines. Nido Petroleum is a Philippine focused oil and gas company with a dominant position in the North West Palawan Basin, Philippines, holding a net acreage position of 14,641km2. The basin is a highly prospective address for oil and gas exploration with a history of multipule discoveries. This provides Nido with an Envious acreage position with substantial running room in which to explore a diverse range of plays across a range of water depths. Much of the NW Palawan Basin remains lightly explored despite the numerous oil and gas discoveries made in the shallow water areas of the basin, including Nido's 2008 oil discoveries in SC54A, and the single giant Malampaya gas field in SC38, operated by Shell Philippines Exploration. The deeper water areas provide Nido with superb leverage to large," HIGH - IMPACT " exploration targets with multi hundred million barrel potential. If successful, any one of these would have a transformational impact on the company.

 

Company Profile

Nido Petroleum Limited is a Philippine focused oil and gas company with a dominant position in the North West Palawan Basin, Philippines, holding a net acreage position of 14,641km2.  The Basin is a highly prospective address for oil and gas exploration with a history of multiple discoveries.

Nido has an impressive asset base with a mix of currently producing assets and attractive exploration opportunities. A high-impact five well drilling program, announced at the May 2010 AGM, is set to commence in May 2011 with the drilling of the Gindara-1 well in Service Contract 54B. A second well will be drilled in Service Contract 63 late 2011-early 2012. The Company has a 22.28% working interest in the Galoc field (Service Contract 14 C-1) which currently produces about 7,000 bbls of oil per day, gross.
 

Production

 

Galoc Field - Service Contract 14 Block C1

• Working Interest: 22.879% (non-operator)
• Field Operator: Galoc Production Company (GPC)

The Galoc oil field is situated in Block C1of Service Contract 14 (SC 14), in the North West Palawan Basin, offshore Philippines. The field is located around 70 km west of Culion Island in a water depth of approximately 320 metres. The reservoir depth is 2,100 - 2,200 metres with a 57+ metre gross oil column consisting of early Miocene turbidite sandstone with 16+% average reservoir porosity.

Development of the field commenced in October 2007 with the drilling of a pilot appraisal well followed by two horizontal development wells. The wells were completed and flowed in February 2008 after which they were tied back via subsea riser to the Floating Production Storage and Offtake (FPSO) vessel Rubicon Intrepid. First production from the FPSO was achieved on 9 October 2008.

The field produces a 35° API, 1.6% sulphur content crude that is marketed within the southeast and north Asian regions.

Nido and its Joint Venture partners are currently assessing potential Phase 2 options for the development of the Galoc oil field. Reprocessed PSDM Galoc 3D seismic data was integrated with previous 3D mapping and in this context new Top Nido depth maps were generated by the Operator and Nido.  Various potential development scenarios involving one to two horizontal wells with possible pilot holes are being considered by the Joint Venture, but no decisions on the optimal development scenario have been made as of yet.

A biostratigraphic review of key field wells was also completed by Nido on behalf of the SC 14C1 Joint Venture to better constrain the vertical and lateral position of the G-3 and G-4 wells within the Galoc Clastic Unit (GCU) stratigraphic sequences and provide an improved realisation of the 3D-based structural model over the western flank of the field. It is anticipated that this work will culminate in a revised view of the existing and future potential of the Galoc development and will be critical in determining the scope and value of Phase 2 development activities.

An independent subsurface review was also completed by Nido on the Galoc North structure which lies immediately north of the Galoc oil field. Preliminary seismic interpretation indicates that a common oil-water contact could exist between the Galoc field and the Galoc North structure which would significantly upgrade Galoc North as a potential low risk drilling target. Drilling of the Galoc North prospect could potentially be combined with Phase 2 development activity.

 

Nido A and B Fields - SeNrvice Contract 14 Block A

• Working Interest: 22.49%
• Field Operator: The Philodrill Corporation

The Nido oil field is located in Block A of Service Contract 14 (SC 14), at the southern end of the North West Palawan Basin, approximately 60 km west of Palawan Island.

Nido-A was discovered in July 1977 with the drilling of Nido-A1. Nido-B was discovered in January 1978 with the drilling of Nido-B1. Both fields comprise pinnacle or atoll type carbonate reefs generally of the Lower Miocene age.

In mid 1979 three additional development wells (Nido-A2, -B2 and -B3) were completed and a production platform was installed at Nido-A and Nido-B standing in waters of 43 metres and 78 metres, respectively.

Both fields were brought into production in February 1979 with production peaking in mid to late 1979 at over 13,000 bopd and 29,000 bopd for Nido-A and Nido-B, respectively. Both fields were switched to a cyclic production regime in mid 1984. Total oil production from both fields has passed 18.5 million barrels of oil.

The Nido fields produce crude oil with a gravity of 27° API and 2% sulphur content, marketed into the Philippines refineries with the Matinloc crude.
 

Matinloc Field - Service Contract 14 Block B

• Working Interest: 28.283%
• Field Operator: The Philodrill Corporation

The Matinloc oil field is located in Block B of Service Contract 14 (SC 14) approximately 50 km northwest of Palawan Island and 54 km north of the Nido oil field in the Philippines.

Matinloc is situated in 25 metres of water and was discovered in January 1979 with the drilling of the wildcat Matinloc-1 well, intersecting a carbonate reef build-up. The field is mapped as a four-way closure with a gross hydrocarbon column of more than 91 metres.

Matinloc-2 and Matinloc-3 were drilled directionally from the Matinloc-1 location in early 1980 and 1982, respectively. The Matinloc production platform was installed in June 1982 and production commenced in July of that same year with a peak production rate of 6,800 bopd. Cyclic production began on Matinloc in January 1997.

Since production start-up Matinloc has produced over 12 million barrels of oil with an average crude oil gravity of 43o API. The Matinloc crude is marketed to Philippine refineries together with the oil produced at the Nido oil fields.
 


Nido's strengths lie in the quality of its assets, the expertise of its people and their local knowledge of Philippine geology and the regulatory and business environment.  In addition, the Company operates in an attractive fiscal regime and stable regulatory environment.

Nido's Joint Venture partners  include oil major Shell Philippines Exploration BV and the Philippine National Oil Company Exploration Corp. (PNOC-EC).

                                                                            

      

   

 

                                                                      

          Nido Petroleum is an oil and gas exploration  production company whose business activities are focused on the offshore Palawan Basin, the Philippines.The company holds prospective resources oil in place (OOIP) of 24 Billion barrels for the top 20 prospects in the company's exploration portfolio. March 31,2011.  Independent Prospective Resource assessment of Nido's "Top 20" Prospects and leads completed by DeGolyer & MacNaughton.

           D & M  Estimates of Gross Prospective Original Oil in Place (OOIP), MMBO (million barrels of oil)
 

          LOW  ESTIMATE (P90) - 7,884            BEST  ESTIMATE  (P50) - 20,729             HIGH  ESTIMATE  (P10) -  44,574             MEAN  ESTIMATE - 24,039
 

      The Gindara Prospect:                 

The Gindara prospect has mean unrisked oil in place volumes of 1 billion barrels within three play types - the Nido limestone, Miocene clastics and deeper Mesozoic plays. Gindara is the highest ranked prospect in the Nido Prospect and Lead inventory.  This is in Service Contract 54 Block B (SC54B) (OPERATOR 33%)  Joint venture partners, Yilgarn Petroleum Philippnes Pty Ltd 22%  and Shell Philippines Exploration B.V. 45%. The Gindara-1 well completed drilling in June2011. It did encounter 144m gas and 43m oil column in low porosity Nido reservoir. The well was P&A'd. The implications of this drilled prospect confirms an active petroleum system in SC54B and upgrades the nearby 53sqkm Pawikan Lead to south of Gindara-1.  In addition to the Gindra-1 prospect, recentanalysis of vintage 2D has identified a preliminary Lead portfolio which includes a large Nido Limestone Lead called Pawikan. The Pawikan Lead is approximately 53 sq km in size and has a vertical relief of around 300 metres, which is comparable or larger in size to the nearby Gindra prospect. DeGolyer & MacNaughton Prospective Resource potential of up to 2 billion barrels. The SC54B Joint Venture plans to further mature the Lead portfolio and undertake reprocessing of selected vintage 2D data over the next few months in order to improve seismic image quality over the Pawikan   Lead.

                                                                               

                                            

  Service Contract 63 (50% Participating Interest)  Joint Venture Partner: PNOC-EC 50%  Area: 10,671sq km


          Service Contract 63 was awarded to Nido and PNOC-EC in November of 2006. The block covers an offshore area of 10,560 sq km and is contiguous to the southern portions of SC58 and SC54B. The blocks are on trend and share similar geology with the prolific hydrocarbon province offshore Sabah, Malaysia to the southwest. In addition, the block contains a gas discovery at the Aboabo A1-X well (Phillips Petroleum Ltd, 1981) located in the southern sector of the block, reported to have flowed gas at an estimated rate of 50 million cubic feet per day on test. The existing exploration wells have all been drilled on shallow shelfal regions of the block, many of them encountering hydrocarbon shows. The majority of the wells were drilled on very poor quality vintage 2D seismic resulting in numerous failures due to wells being drilled off structure. In many ways Nido regards the block as essentially lightly explored,but the gas discovery at Aboabo A1-X indicates that the upside of the block has yet to be realised. The three leading drilling candidates have a combined prospective resource potential of 1.5 billion barrels.

                                       




                                                                                            



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         Following integration of the sea-bed coring results,the focus of technical work during 2011 has been on a further detailed review of the internal reservoir architecture of the reservoir targets in the Balyena,Butanding and Dorado prospects. This has resulted in the Joint Venture agreeing to undertake a seismic inversion and Amplitude Versus Offset (AVO) project to further de-risk reservoir uncertainty. The project will take up to 12 months to complete  and will assist the Joint Venture in further de-risking the Nido and Miocene reservoir objectives with respect to porosity and potential fliud types. Currently, the Balyena Prospect is the expected first well to be drilled and forms part of the five well drilling program.



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     Company  Presentations:   http://www.nido.com.au/investors/presentations.html

     Company  ( ASX )  Announcements :  http://www.nido.com.au/investors/asx-announcements.html

     Company  Annual  Reports :  http://www.nido.com.au/investors/annual-reports.html

      

            
 

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