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 below:

(1) In accordance with ASX Listing Rule 5.11 the Company confirms that the hydrocarbon reserves information above, was reviewed and signed of by Mr David S. Ahye, B. Eng., Regional Director, Asia-Pacific, Gaffney Cline & Associates, who is a member of the Society of Petroleum Engineers and has at least 5 years' experience in the sector. Mr Ahye is not an employee of the company and consented in writing to the inclusion of the hydrocarbon reserves information in the form and context of which it appears.

* stock-tank oil initially inplace

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

Written Consent pursuant to Listing Rule 5.11

Tindalo Contingent Resources

Tindalo Contingent resources were certified by ISIS Petroleum Consultants Pty Ltd of Perth in 2009 based on the data accumulated during the drilling of the discovery well in 2008:

(1) (Well - 1 vertical well, 124 to 144m oil column suspended as a future producer; Rock Type/Formation - pinnacle reef limestone structure; Reservoir Depth - 2000 metres (approx); Water Depth 80m to 115 metres)

Based on these estimates, Nido has completed further geological and reservoir engineering studies including full-field 3D simulation modelling of the reservoir and production. This modelling indicates that the most likely volumes of recoverable oil from Tindalo-1 is 5.1million barrels. Low side and high side potential of 1.5 and 9.1 million barrels recoverable oil, respectively, has also been identified.

Due to suboptimal hole conditions in the lower section of the reservoir whilst drilling, only oil was clearly identified within the well intersection. The oil column intersected was interpreted to be 124-144m+ as seen in the well which forms the basis for the contingent resource estimates above. As no water was seen, the oil-water contact and hence the potential for a larger oil column is currently unable to be determined. A full well test programme along with pressure testing and fluid sampling will be completed at the start-up of the well to confirm well productivity estimates (of 7,000-15,000 bopd) and identify any further upside potential.