Image via WikipediaMANILA, Philippines - Australian oil and gas exploration company Nido Petroleum Ltd. said it has discovered a potentially big oil and gas reservoir in northwest Palawan.
In a disclosure to the Australian Stock Exchange on Tuesday, Nido said it estimated that structures at its Service Contract 58 or the West Calamian block in Palawan, could contain "over 5 billion barrels of unrisked oil in place."
The Calamian block, straddling 13,440 square kilometers, is adjacent to the Malampaya natural gas field.
"The majority of core data indicates widespread micro-seepage of liquid hydrocarbons across SC 58 based on preliminary gas chromatography results," the company said.
The oil and gas exploration company previously reported it planned to start drilling the Calamian prospect by 2012.
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