Nido says bulk of $34.12M 1H revenue came from Palawan

Nido Petroleum Ltd. generated consolidated revenues of $34.12 million in the first half of the year, up by 32 percent from $25.81 million a year earlier, the company said in a statement Tuesday. The bulk of its revenue came from the oil sales of Galoc oil field in northwest Palawan. The Tindalo field, another oil-producing field where Nido holds a stake, had minimal impact on the company's consolidated profits in the first six months, the Perth, Western Australia-based company said. The 41,000 barrels of oil – its Tindalo share – "was recognized as inventory in the balance sheet at cost," Nido Petroleum said. From the Galoc storage facility, Nido Petroleum said that 1.675 million barrels were withdrawn in the first half and that 383,214 barrels went Nido Petroleum. "This generated gross revenue to Nido from oil sales of Australian $33.2 million (US$29.6 million) which was received directly from the buyer," it said in a statement. The Galoc field has produced over five million barrels of oil at an average of 8,642 barrels per day since it started operations in late 2008. Nido holds a 22.28 percent stake in SC 14 C and Galoc Production, 58.29 percent 14C. Galoc Production is composed of the Vitol Group and Otto Energy Ltd. Other stakeholders in SC 14 C are Oriental Petroleum & Minerals Corp., and Linapacan Oil Gas & Power Corp. with 7.57 percent, Philodrill Corp. with 7.03 percent, Forum Energy Corp. with 2.27 percent, Alcorn Gold, 1.53 percent, and PetroEnergy, 1.03 percent. —VS, GMANews.TV