Nido Petroleum (NDO)

Shares / Stock Code

NDO

Stock Exchange / Sharemarket

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Nido Petroleum (NDO) is an oil and gas production and exploration company. The company operates primarily in the Philippines along the Palawan basin, as well as in the Southern gas basin of the North Sea. Its key assets in the Philippines include the Nido and Matinloc producing oil fields.

Nido Petroleum Ltd was listed on the Australian stockmarket (ASX) in July 1999. It was consistently focused on the petroleum exploration potential of the Philippines until 2004 when some North Sea licenses were added. The company is based in Perth, Western Australia and has offices in Manila, the Philippines.

Nido plays a significant participant in the Philippines petroleum industry, with interests in over 6,260sqkm of production and exploration acreage in the north west Palawan basin. In the North Sea, the company has working interests in three blocks, providing exposure to the UK domestic gas market.

Most oil is sold into global spot markets, whilst gas is typically sold under long-term contract arrangements with utilities, large industrial users and steel plants. NDO competes with other oil and gas exploration companies based in Australia and overseas. Key competitors include Rio Tinto, BHP, CH4 Gas Ltd (CHX) and Bounty Oil & Gas (BUY).

The Company’s wholly owned subsidiaries, Nido Production (Galoc) Pty Ltd and Nido Petroleum Philippines Pty Ltd, hold a combined 22.879% interest in SC 14 C1, which holds the Galoc Oil Field Development. Nido’s wholly owned subsidiary, Nido Production (Galoc) Pty Ltd, holds a 22.486% working interest in the Nido Oil Field and a 28.283% working interest in the Matinloc Oil Field. The Company’s wholly owned subsidiary, Nido Petroleum Philippines Pty Ltd, holds a 50% working interest in the SC 54A block.