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Nido’s 11.6bn Barrels of Oil Potential Needs Partner

Nido Petroleum Ltd, an oil & gas exploration & production company whose business activities are focussed on the Philippines offshore Palawan Basin, is pleased to announce that after completing several large seismic surveys, its deepwater prospects and leads inventory in the NW Palawan basin has oil-in-place potential of 11.6 billion barrels

Nido Petroleum Ltd, an oil & gas exploration & production company whose business activities are focussed on the Philippines offshore Palawan Basin, is pleased to announce that after completing several large seismic surveys, its deepwater prospects and leads inventory in the NW Palawan basin has oil-in-place potential of 11.6 billion barrels.

Following recent positive responses from major oil companies, Nido is now commencing its formal search for a strategic partner to explore for oil and gas in the Philippines and is inviting industry players to submit Expressions of Interest to participate in a world-class offshore exploration program.

Jon Pattillo, Nido's Head of Exploration, says, "Securing a technically capable operator to partner with Nido in testing the significant deepwater potential of the Palawan Basin is an important and consistent component of Nido's exploration strategy. Whilst not yet complete, the results of our seismic processing have so far generated a prospect and lead inventory that can be truly classified as world-class. Whilst much work remains to be done, commencing the search for a strategic partner represents an exciting event for Nido."

Nido intends to retain a minority working interest in the basin in order to participate in the success that it believes will result from the upcoming exploration drilling program. The farm-out will proceed through a series of steps, the first of which is to invite interested parties to submit Expressions of Interest to receive the Information Memorandum and to gain access to the Data Room.