NIDO PETROLEUM LIMITED 2015
ANNUAL REPORT
CORPORATE DIRECTORY
Non-Executive Chairman Michael Fischer Managing Director
Andrew EdwardsNon-Executive Director Chaiwat Kovavisarach Non-Executive Director
Krairit NilkuhaNon-Executive Director Vichien Usanachote Non-Executive Director
Company SecretaryJohn Newman
Officers Ashley GilbertChief Financial Officer
Jon PattilloExploration & New Business Manager
Kris Thirakaosal Commercial Manager Stuart NicholProduction Manager
Registered and Principal Office Level 31 Preston Street
COMO WA 6152
Telephone: +61 8 9474 0000
Facsimile: +61 8 9474 0099 Email: nido@nido.com.au Website: www.nido.com.au
Share Registry Computershare Limited Level 11, 172 St Georges TerracePERTH WA 6000
Telephone: +61 8 9323 2000
Facsimile: +61 8 9323 2033
SolicitorsAllens
250 St Georges Terrace PERTH WA 6000
Telephone: +61 8 9488 3700
Facsimile: +61 8 9488 3701
Romulo Mabanta Law Office 30th Floor
Citibank Tower
8741 Paseo de Roxas Makati City PHILIPPINES
Telephone: +63 2 848 0114
Facsimile: +63 2 810 3110
AuditorsKPMG
235 St Georges Terrace PERTH WA 6000
Telephone: +61 8 9263 7171
Facsimile: +61 8 9263 7129
Securities Exchange ListingThe Company's securities are listed on the official list of ASX Limited.
ASX CodeShares: NDO
2015
ANNUAL REPORT
CONTENTS
2015 SUMMARY 2
CHAIRMAN'S LETTER 3
ANNUAL RESERVES STATEMENT 4
PETROLEUM PERMIT INTEREST SCHEDULE 6
OPERATIONS REVIEW 7
DIRECTORS' REPORT 9
AUDITOR'S INDEPENDENCE DECLARATION 31
DIRECTORS' DECLARATION 32
STATEMENT OF COMPREHENSIVE INCOME 33
BALANCE SHEET 34
STATEMENT OF CASH FLOWS 35
STATEMENT OF CHANGES IN EQUITY 36
NOTES TO THE FINANCIAL STATEMENTS 37
INDEPENDENT AUDITOR'S REPORT 86
ADDITIONAL SECURITIES EXCHANGE INFORMATION 88
GLOSSARY 90
2015 ANNUAL REPORT NIDO PETROLEUM 1
2015 SUMMARY
Production and Development
Nido acquired an additional 33% participating interest in the Galoc oil field via the acquisition of Galoc Production Company W.L.L. in February 2015. The Group now holds a 55.879% working interest in the Galoc oil field and has operatorship of the project.
2,255,210 bbls gross (1,157,628 bbls net to Nido) were produced from the Galoc oil field.
Production uptime at Galoc averaged 99.8% during the year.
The Nido and Matinloc oil fields continued to produce oil on a cyclical basis with total production of 141,864 bbls gross (35,999 bbls net to Nido).
Revenue from crude oil sales totalled $68.374 million for the year.
Exploration and Appraisal
The Company continued to review new venture opportunities throughout the year as part of its longer term strategy of expansion.
The Company negotiated extensions over its key exploration permits during the year.
Health, Safety, Security and Environment (HSSE)
The Company achieved excellent HSSE performance across all assets and activities during 2015 with a Total Recordable Injury Frequency Rate (TRIFR) for 2015 of zero compared with the Australian National Offshore Petroleum Safety and Environment Management Authority (NOPSEMA) benchmark of 5.64.
Corporate and Financial
Cash on hand at year end was $17.531 million and debt drawn under the revolving term loan facility was
$88.200 million at year end. On 29 June 2015 the senior debt facility with Credit Suisse was repaid in full and the facility was closed.
Gross loss for the 2015 year was $3.964 million and net loss after tax was $31.128 million.
On 17 February 2015 the Group acquired all of the shares in Galoc Production Company W.L.L. ('GPC'). Nido funded the cash acquisition of GPC through a combination of cash reserves and debt.
Nido Petroleum Limited issued this content on 04 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 04 April 2016 07:31:07 UTC
Original Document: http://www.nido.com.au/IRM/PDF/2470/AnnualReporttoShareholders
