Nido Petroleum completes seismic survey offshore Philippines

15 December 2011 (Last Updated December 15th, 2011 18:30)

Nido Petroleum Limited (Nido) has completed combined 2D seismic surveys of a site offshore the Philippines.

Nido Petroleum

Nido Petroleum Limited (Nido) has completed combined 2D seismic surveys of a site offshore the Philippines.

The survey on the blocks SC 54A Lawaan/Libas and SC 54B Pawikan 2D was completed between 29 November and 10 December 2011.

The two surveys were acquired using the Nordic Maritime-operated Nordic Energy seismic vessel.

Nido acquired a 73 line kilometres over SC 54A and a further 430 full-fold line kilometres of 2D seismic over service contract 54B.

The SC 54A survey was carried out to determine if the Lawaan and Libas prospects were connected structurally, which Nido said would upgrade the potential of the larger Lawaan prospect.

Lawaan currently holds an estimated prospective oil of 34.7 million barrels, while Libas is estimated to hold 12 million barrels.

The objective of the SC 54B survey was to mature the Pawikan lead to prospect status by addressing remaining risks relating to reservoir and charge into the structure.

The Pawikan lead lies 30km to the south of the non-commercial Gindara-1 gas and oil discovery well, which was drilled by the SC 54B joint-venture earlier this year, and 10km south-west of the Service Contract 14 Nido A/B oilfields.

Nido has previously estimated Pawikan to hold about 2 billion barrels of prospective resource oil.

Processing of the 2D data will be carried out by DownUnder GeoSolutions in Perth, Western Australia, with interpretation of the fully processed 2D seismic data expected to be completed during the second quarter of 2012.

Nido's partners in SC 54A are Yilgarn Petroleum Philippines, Trafigura Ventures III and TG World (BVI) Corporation.

The SC 54B includes Yilgarn Petroleum Philippines and Shell Philippines Exploration.

Caption: Nido completes combined 2D seismic surveys, offshore Philippines.