Philippines: Nido Petroleum Announces Gindara-1 Drilling Update (June 16)

Petroleum Limited , on behalf of the SC 54B Joint Venture, announced the following update on the Gindara-1 well.

On 16 June 2011, the current operation was drilling ahead in the Nido Limestone.

Since the last drilling update on 14 June 2011, the Logging Whilst Drilling (LWD) logging tool and the drill bit have been replaced and the well drilled to a depth of 3,530 metres MD (3,508 metres TVDss) in the Nido Limestone. The section comprises non-porous limestone interbedded with some occasional thin shales.

During the drilling of the upper Nido Limestone, thin low porosity beds were observed to have gas saturations calculated from LWD data ranging from 70%-80% as well as mudlog gas shows (C1-C5).

The forward plan is to continue to drill the Nido Limestone to where pre-drill interpretation predicts limestone reservoirs to occur. Planned Total Depth for the well is 3,650 metres MD (3,628 metres TVDss) but this may be revised depending on the results in the lower part of the well.

SC 54 B Joint Venture uses Atwood Falcon deepwater semi-submersible drilling rig for Gindara-1 operations.

Jon Pattillo, Nido’s Head of Exploration commented, “The low porosity upper part of the Nido Limestone was predicted based on surrounding well control and seismic. As there is evidence of gas in thin porous beds within the upper Nido Limestone we look forward to drilling deeper to evaluate the reservoirs predicted within the Gindara-1 closure. A further update on the progress of the well will be provided in the coming days”.

Source: Nido Petroleum, June 16, 2011

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