Nido begins execution of Galoc Project

Nido Petroleum announces that the Galoc Field Operator Galoc Production has advised that the drill ship ‘Energy Searcher’ has come on hire to the Galoc Project. This signals the start of the Galoc oil field development, the first offshore development in the Philippines for almost seven years.

The drill ship will remain in Singapore for about five days to load out the drilling and testing equipment, subsea trees and other materials prior to sailing to the field location, some 60km offshore from Palawan Island, Philippines.

The first Galoc well is scheduled to spud in early October and well construction activities are anticipated to continue until late December 2007, subject to weather.

In 2006 GPC contracted the drill ship ‘Energy Searcher’ on behalf of the Galoc Joint Venture to drill the two horizontal development wells in the Galoc structure.