14-12-09 A group led by Nido Petroleum, Perth, made the final investment decision to develop Tindalo oil field on Service Contract 54 Block A off Northwest Palawan Island in the Philippines.
Oil production is to begin in second-quarter 2010 and reach a plateau of 7,000 to 15,000 bpd. Most likely recoverable volume is 5.1 mm bbl, and the range is 1.5-9.1 mm bbl.

Costs are less than $ 20 mm to the start of production followed by $ 250,000/day for operations while on production.
The October 2008 Tindalo discovery well is in 100 m of water. The reservoir is a Miocene pinnacle reef with a 124-144 m oil column.

A jack up rig will serve as a production platform, and a floating storage and offtake vessel will receive the oil.
Interests in the project are Nido Petroleum Philippines Pty., operator, 50 %, Yilgarn Petroleum Philippines Pty., a subsidiary of Kairiki Energy, Perth, 35 %, and Trafigura Ventures III 15 %.