AUSTRALIA’S Nido Petroleum Ltd. has completed seismic surveys over the Lawaan-Libas and Pawikan field in offshore Northwest Palawan.
“Interpretation of the fully processed 2D seismic data sets is expected to be completed during the second quarter of 2012,” Jocot de Dios, Nido chief executive officer, said in a filing with the Australian Stock Exchange.
The two surveys were acquired from November 29 to December 10, using the MV Nordic Energy operated by seismic contractor Nordic Maritime Pte Ltd.
The Lawaan-Libas field is under Service Contract (SC) 54A. Nido’s partners in the exploration block are Yilgarn Petroleum Philippines Pty Ltd. and Shell Philippines Exploration B.V.
The Lawaan and Libas prospects are projected to hold up to 34.7 million and 12 million barrels of oil, respectively. The Pawikan prospect is covered by SC 54B. Nido’s partners in this contract are Yilgarn Petroleum, Trafigura Ventures III B.V. and TG World (BVI) Corp.
Nido estimated the Pawikan prospect to contain approximately two billion barrels of oil reserves.
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