Nido Petroleum starts seismic exploration in Palawan

Australia’s Nido Petroleum Ltd. has started seismic exploration in its service contract (SC) areas in northwest Palawan, the company said in a report.

Nido said its seismic acquisition campaign in the offshore Palawan basin, the largest in Nido’s history, extends over SC 54, SC 58 and SC 63 covering a combined total of 5,475 kilometers of 2D and 826 square kilometers of 3D seismic data.

The company said the survey is designed to provide greater coverage of the area play along the western flank of SC 54 and will adjoin the Abukay 3D seismic survey acquired by the SC 54 joint venture in late 2006.

The survey is already 90 percent complete as excellent weather conditions have been experienced during the period.

The company said the survey will provide a uniform ‘base-line’ survey of modern 2D seismic data across the entire block.

As of Oct. 26, the SC 63 survey was 29- percent complete and is expected to be completed by Nov. 15, subject to weather condition. 

Last month, Nido successfully raised A$11 million from placement of shares to investors in China. The funds will be used for the company’s drilling activities in SC54 this quarter.

“This fundraising will allow Nido to prepare for its drilling campaign, which is the next step in realizing the value of this world-class exploration acreage. It comes at a time of real growth and optimism in the company. The placement with a sophisticated investor in China also allows us to further strengthen our strategic ties to Asia , which is where we see the future growth of our company,” Nido’s managing director, David Whitby said.