Indonesian Drilling Campaign to Begin in November 2013

Nido Petroleum Limited provides the following update on the upcoming Indonesian drilling campaign in the Baronang and Gurita PSC’s operated by Lundin Petroleum on behalf of the respective PSC joint venture partners.

Nido has received government approval from MIGAS of the transfer of the 10% participating interest in each of the Baronang, Gurita and Cakalang PSCs.

Lundin has advised that the JDC owned Hakuryu 11 jack-up rig is expected to be released to the Lundin operated Joint Venture for the drilling program in the Baronang and Gurita PSC’s, Republic of Indonesia during November 2013.

The rig has been made available through a long-term rig-share agreement between Premier Oil and Lundin Petroleum. Under the terms of this agreement, Lundin has secured the first wells on the rig-share drilling sequence, with a further two options slots available to Lundin/Nido in 2014/15.

It is anticipated the Hakuryu 11 rig will be mobilised from its current operation in Vietnam to the Baronang PSC, where it will commence drilling the Balqis-1 exploration plus Boni-1 sidetrack. Following the drilling in Baronang, the rig will then move to the Gurita PSC where it will drill the Gobi-1 exploration well.

In the event the Hakuryu 11 rig is released after November for any reason, the Gobi-1 exploration well will need to be re-sequenced to the second half of 2014.

Nido’s Managing Director, Phil Byrne stated: “I am looking forward to the commencement of the drilling campaign in Indonesia. This is an exciting time as these wells mark the commencement of an intense period of operational activity for the Company that will see two exploration wells and a side-track drilled in Indonesia and an exploration well drilled in the Philippines through to the second half of 2014.”

Press Release, October 15, 2013

 

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