Nido said the Gindara prospect was the first drill-ready prospect to emerge from the Abukay 3D seismic survey shot in late 2006.
"Through our joint work with Kairiki, we have now assessed all the major technical risks critical for exploration success, confirming Gindara as a high-value investment opportunity worthy of drilling as the first prospect in SC54," Nido head of exploration John Pattillo said.
"We are currently working to securing a suitable rig to drill the Gindara prospect and this will determine the final timing of the drilling."
Nido described the Gindara prospect as a large robust four-way dip closed structure, covering an area of up to 11 square kilometres with a closure height of up to 210m.
It has been assessed to contain more than 478 million barrels of oil in-place, assuming the structure is filled to spill.
Nido added that the Abukay 3D seismic data had "dramatically" enhanced the JV's understanding of the petroleum system within and adjacent to SC54.
It also said the joint venture was finishing interpreting the initial 640sq.km survey data received in mid-October 2007.