Nido commissioned Gaffney Cline & Associates (GCA) independently of the Galoc Joint Venture to update the reserve estimates of the Galoc Field from its pre-production estimates following receipt of additional data from down-hole pressure measurements in the two producing wells together with current production data. Reserve and contingent resource estimates outlined below for the Galoc Field represent GCA's estimates and are not those of the operator or SC 14 C1 Joint Venture partners.

The Reserves position for the Galoc Field based on the GCA reserves estimate is shown each year in the Company’s Annual Report.  In addition, field production is noted in each Quarterly Report lodged with the ASX.

It is important to note that the Galoc reserve estimates described are not based on the reprocessing and Post Stack Depth Migration of the 3D seismic data which was over most of the SC 14C1 contract area. Integration of this reprocessed 3D seismic data is underway and will be combined with other subsurface studies to determine options for further development of the field.