(MENAFN - ProactiveInvestors - Australia) Nido Petroleum (ASX: NDO) has increased its estimate of proved reserves at the Galoc oil field in the Palawan Basin offshore Philippines by 65% to 2.11 million barrels (MMbbl) of oil net to itself.
This follows an independent reserves assessment by Gaffney Cline & Associates (GCA) that also recorded a 1% increase in proved and probable reserves to 3.11MMbbl as of 30 June 2012.
GCA had based its assessment on production forecasts for the two existing Galoc production wells as well as the two wells the Galoc joint venture is planning to drill for the Phase II development.
The Phase II development consists of the drilling of two subsea wells that will be tied back to the existing Floating Production, Storage & Offloading facility Rubicon Intrepid with first oil expected in the second half of 2013.
This is expected to more than double production to 12,000 barrels of oil per day.
Current production at Galoc is about 5,600bpd of oil.
Nido has a 22.88% interest in Galoc.