Philippines-focused Nido Petroleum said it is ready to begin front-end engineering and design work on the West Linapacan oilfield re-development following a favourable reserves assessment.
Nido said the assessment by Gaffney Cline and Associates put West Linapacan A field proved reserves at 9.6 million barrels of oil; proved plus probable reserves at 16.51 million barrels; and proved plus probable plus possible at 21.03 million barrels.
There are additional contingent and prospective resources within the field area, and the nearby West Linapacan B discovery is being assessed.
Nido said the owners of Service Contract 14C2 are "now in a position to commence the front-end engineering and design work in order to reach a potential investment decision".
The West Linapacan A oilfield is located in the north-west Palawan basin, and is operated by RMA (HK) Limited.
The re-development concept is based on drilling two horizontal, dual-lateral, subsea development wells tied back to a leased floating production system. Oil would be offloaded to a shuttle tanker. Part of the associated gas would be used as fuel.