PERTH, Australia – Nido Petroleum Ltd. (ASX:NDO) has provided the results of an independent reserves assessment of the offshore Indonesia Galoc oil field as of Dec. 31, 2013, undertaken by Gaffney Cline and Associates (GCA) following the completion of the Galoc Phase 2 project, which began Dec. 4, 2013. The reserves assessment incorporates new subsurface and production data from the Galoc Phase 2 development.
Production from the Galoc field began October 2008 through a Phase 1 development comprising two horizontal wells (Galoc-3ST1 and Galoc-4) tied back to a tanker-based FPSO, the Rubicon Intrepid.
Phase 2 production of the field began Dec. 4, 2013, involving the drilling of two additional horizontal wells (Galoc-5 and Galoc-6) into the main producing reservoir within the central part of the field. The two new wells were connected into an upgraded subsea production system and all four wells were tied back to the Rubicon Intrepid.
GCA’s 31 December 2013 Independent Reserves assessment is based on the integration of all available subsurface data, including a new 3D seismic interpretation of the field, a revised geological model, updated static and dynamic reservoir models, and production history from the Phase 1 and Phase 2 development wells.
GCA estimates Galoc oil field Phase 1 developed reserves at 11MMstb (stock tank barrerls) on a gross basis (2.2 MMstb on a net entitlement to Nido basis). Phase 1developed reserves have increased by 1.57 MMstb on a gross basis compared to the Dec. 31, 2012, independent assessment.
Phase 2 and Phase 3 developed reserves are estimated at 14.0 and 18.2 MMstb respectively on a 100% gross basis (2.7 and 3.6 MMstb on a net entitlement to Nido basis). Phase 2 developed reserves are essentially unchanged on a gross basis compared to the Dec. 31, 2012, independent assessment.
Nido has a 22.88% working interest in SC 14C1 and the Galoc oil field.