ndo have a second producing asset in 3q’ 15

NDO will have a second producing asset in 3Q’15

Nido’s Managing Director, Mr Phil Byrne, commenting on the increased Independent Reserves Estimation,

stated: “
The updated independent reserves assessment by GCA
for a three well re-development of the West Linapacan oil field, which materially increases the 1P,
2P and 3P reserves in the main Linapacan Limestone reservoir, further demonstrates the
robustness and attractiveness of this project for our Company.
In addition to the updated reserves assessment, I am pleased with the progress made by SC
14C2 Operator RMA West Linapacan Pte Ltd (‘RMA’) over the past few weeks with respect
to finalising the Front End Engineering and Desi
gn (‘FEED’) work for the project, including
securing key long lead drilling items, advancing discussions with FPSO and rig owners, and
finalising the Field Development Plan.
I look forward to the SC 14C2 Joint Venture sanctioning the re-development of the West
Linapacan field in the near future, subject to securing all necessary approvals. Based on the
Operator’s estimates a successful project sanction will provide the Company with a second producing asset in 3Q’15