Nido Petroleum Ltd.

Nido Petroleum Ltd., Perth, Australia, is seeking a strategic partner to explore for oil and gas in the Philippines. Nido reports its deepwater prospects and leads inventory in the NW Palawan Basin has oil-in-place potential of 11.6 billion barrels. Nido intends to retain a minority working interest in the basin. Nido head of exploration Jon Pattillo 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. While 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." Nido chief executive Jocot de Dios says, "After 10 years of diligent effort we are delighted to reach this critical milestone. Nido has long believed in the potential of the NW Palawan Basin to be an overlooked exploration province. Our efforts to date vindicate that view, and have revealed a potential prize greater than our expectations. "Given the sizes of the identified drilling targets it is apparent that just one discovery has the potential to transform Nido. We intend to drill up to 20 of these large prospects over the coming years." Contact de Dios, +61-8-9474-0000, exploration@nido.com.au.