Philippines: Nido Petroleum Announces Tindalo Well Update

Nido Petroleum Limited , as Operator of Service Contract 54A (SC 54A), provides this update on activities within the block.

Since the last operations update on 6 January 2011, the Tindalo well has been plugged and abandoned without significant incident and the Aquamarine Driller (owned by Vantage Drilling) has relocated to nearby Ulugan Bay where the production and other equipment are being decommissioned and demobilized from sheltered waters. All equipment currently on hire for the project are being demobilized and the Joint Venture’s crude marketer is arranging a direct sale and delivery of the remaining oil inventory (approximately 75,000 barrels).

The SC 54A Joint Venture has decided not to pursue the Yakal development at this time. A review of the Tindalo Project results that incorporate the sub-surface, technical and operational aspects of the project is considered essential prior to any further development activities in the shallow water.

Commenting on these recent developments, Nido President and CEO, Jocot de Dios, said: “There are many lessons to be learned from the Tindalo extended well test which need to be thoroughly analysed and considered in order that these may be applied to the other inboard opportunities in SC 54A, of which there remain many.”

Source:Nido, January  12, 2011; Image: Vantage Drilling

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