Nido Petroleum limited (‘Nido’) provides an update on the progress of the Company’s seismic acquisition campaign currently underway offshore NW Palawan Basin, The Philippines.

The seismic campaign, which is the largest in Nido’s history, extends over SC54, SC58 and SC63 comprising a combined total of 6,057 km of 2D & 826 sq km 3D seismic (refer attached program map). The original SC54 and SC63 acquisition programs have been successfully completed and processing of the data is underway with CGGVeritas in Perth, Western Australia.

SC 58 (Nido Operated): acquisition of the 661 sq km 3D and 2,350km 2D seismic program commenced on 1 November 2007. As of 18 January 2008, the SC 58 survey was 89% complete.

The survey is on schedule to be completed by the end of January 2008.

SC 54 (Nido operated): added to the SC54 program was 19 x 10km 2D seismic over the recently acquired Signal Head leads, which will be processed as 3D seismic. This additional program was successfully completed on 16 January 2008.

Tags: Nido Petroleum Limited