Nido captures Signal Head oil discovery

Offshore staff

SYDNEY, Australia -- Nido Petroleum Ltd. has extended the northeast of Service Contract 54 (SC54) in the Philippines by 12,000 hectares (29,653 acres) through the relinquishment of an equivalent area from the less prospective southeastern boundary.

The new acreage includes the Signal Head oil discovery and additional exploration potential, the company said.

Nido will commence acquiring seismic data over this area immediately using thePacific Titan seismic vessel.

With the addition of the Signal Head oil discovery to Nido's asset base, the total number of undeveloped oil discoveries in SC54 increases to three, the company said.

1/14/2008