“You will notice a milestone with Galoc that was announced to the ASX yesterday – the declaration of commerciality of the field by the Operator, Galoc Production Company (GPC). This validates the work done so far by the consortium and provides us the opportunity to fully develop Galoc if the technical data and oil prices will support the same. We continue to work with the Operator and the rest of our partners to progress the ongoing subsurface work.
Another milestone particular to Nido is the fact that we have surpassed the 500thousand barrels of oil production from Galoc net to Nido. We are certainly looking forward to many more barrels of oil! In the meantime, the field continues to produce and cargoes are being lifted for sale within Southeast Asia. The higher oil price environment has been helpful to our cash position especially as we continue to progress work on the Tindalo development.
Tindalo is occupying our efforts and energy. We are moving along completing our subsurface and engineering studies and evaluating commercial and production options. Our teams in Perth and Manila are working feverishly to get the appropriate permits and approval in place as well. The winter weather in Perth and the rainy season in Manila are certainly not dampening our spirits in this endeavor."
Jocot de Dios
24 June 2009