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Nido Petroleum Limited (ASX:NDO) Annual Report 2010

Nido Petroleum Annual Report 2010
SUMMARY
Production

- A total of 2.6 MMstb (gross) were produced from the Galoc oil field in 2010 corresponding to an average uptime of 84%.
- A total of 0.3 MMstb (gross) were produced from the Tindalo oil field Extended Well Test in 2010.
- Revenue from crude oil sales increased by 25.7% from the previous year, to $60.1 million.
 
Development
- In March 2010 Nido farmed out 7.6% of its interest in SC 54A to TG World (BVI) Corporation, ahead of the commencement of the Tindalo oil field Extended Well Test.
- Nido reprocessed 140 sq. km. of 3D seismic data within SC 54A covering the Nido 1x1 and Yakal discoveries and the Pungapong and Nandino prospects.
- First oil was achieved on 30 May 2010 at the Tindalo oil field, some five months after achieving Final Investment Decision in December 2009.
- The Tindalo oil field Extended Well Test commenced on 6 June 2010.
- The Extended Well Test failed to produce oil at economic rates due to excessive water production and the SC 54A Joint Venture decided to abandon the well in December 2010 with completion of abandonment occurring in the first quarter of 2011.
 
Exploration
- The Company announced at its 21 May 2010 AGM a five well exploration program.
- In October 2010, Shell Philippines Exploration B.V. farmed into SC 54B to earn a 45% Participating Interest in the block.
- A deepwater multi-beam and sea-bed coring program was completed in SC 58 between March and April 2010. Results indicate widespread micro-seepage of mature hydrocarbons across the most prospective part of the block.
- Reprocessing of the Talusi 2D seismic in SC 58 was completed during 2010 improving the subsurface imaging of the source grabens in the deepwater.
- In SC 63, Pre Stack Depth Migration processing of the Kawayan 3D seismic was completed in July 2010.
- The SC 54 Sub-Phase 5 relinquishment of 25% due in August 2010 was successfully deferred to the end of Sub-Phase 6 in August 2011.
- The Joint Philippine Basin Study conducted between Nido and a SE Asian National Oil Company was completed in the first half of 2010.
 
Health, Safety, Security and Environment (HSSE)
- Excellent 2010 HSSE performance across all assets and activities.
- Zero fatalities and zero Lost Time Injuries.
- Total Recordable Injury Frequency Rate (TRIFR) for 2010 was 2.05 compared to the National Offshore Petroleum Safety Authority (NOPSA) benchmark of 7.87 as at 30 June 2010.
 
Corporate and Financial
- Cash on hand at year end of $24.2 million.
- Gross profi t from continuing operations of $7.5 million.
- Successfully completed a private share placement and Share
Purchase Plan, raising a total of $28.0million (net).
- Debt reduced by US$10.0 million during the year, with debt outstanding at year end of US$9.2 million (US$3.1 million as of the date of the attached Annual Financial Report). 
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