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Business Description: Nido Petroleum Limited (NDO) is an oil and gas exploration and production company with exploration assets located in the offshore North West Palawan Basin in the Philippines. NDO currently has interests in ten offshore permits, which it directly operates three Service Contract (SC) areas: SC 54A, SC 54B and SC 58. NDO’s main production fields include the Galoc oil field, the Nido oil field and the Matinloc oil field.
Strategy Analysis: NDO's focus for 2010 is: Deliver the Tindalo oil field development to production with first oil and second revenue stream by the first half of 2010; Pursue possible strategic farmout transactions for the Company's deepwater acreage assets in the Palawan Basin, Philippines; Embark upon a drilling program involving the leading prospects in NDO's inventory; Maximise revenues from the Galoc oil field; Continue to manage cash prudently, ensuring responsible levels of general and administrative expenses; Enhance corporate social responsibility programs in Palawan, Philippines and Perth, Australia. .
Nido Petroleum reported positive cash flow of $4.07m for quarter ended 30 September 2011. Operating cash flow for the period was $4.13m. Payments for exploration and evaluation were $(3.63m). Investing cash flow was $(54,000). Financing cash flow was nil. Cash in hand at the end of the quarter was $15.53m.
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