Table of Contents
| Cover Page | 1 |
| Chairman's Letter | 4 |
| Managing Director's Report | 6 |
| Operations Review | 8 |
| Petroleum Permit Interest Schedule | 12 |
| Directors' Report | 14 |
| Auditor's Independence Declaration | 28 |
| Corporate Governance Statement | 29 |
| Directors' Declaration | 31 |
| Consolidated Income Statement | 32 |
| Consolidated Balance Sheet | 33 |
| Consolidated Cash Flow Statement | 34 |
| Consolidated Statement of Changes in Equity | 35 |
| Notes to the Consolidated Financial Statements | 36 |
| Independent Audit Report | 81 |
| Additional Stock Exchange Information | 83 |
| Corporate Directory | 86 |
FULL ANNUAL REPORT
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Auditor's Independence Declaration
Auditor’s Independence Declaration to the Directors of Nido Petroleum Limited
In relation to our audit of the financial report of Nido Petroleum Limited for the financial year ended 31 December 2007, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.
Ernst & Young
R J Curtin
Partner
7 March 2008
