Philippines: Nido Petroleum Provides Gindara-1 Drilling Update

Nido Petroleum Limited on behalf of the SC 54B Joint Venture, provides an interim update on the progress of the Gindara-1 well.

On 7 June 2011, the Gindara-1 well was preparing to run the 9 5/8” casing at the revised depth of 3,345 metres MD (3,323 metres TVDss) in the lower section of the Pagasa Formation just above the Nido Limestone primary reservoir objective. Progress since the last update has been 1,680 metres.

Whilst drilling the Pagasa Formation, the secondary ‘Coron Clastics’ reservoir interval was encountered between 2,907 metres MD (2,885 metres TVDss) and 3,267.5 metres MD (3,245.5 metres TVDss), a gross thickness of 360.5 metres. This was approximately 33 metres deep to prognosis. Based on LWD logs (Logging Whilst Drilling) the section is interpreted to be water-wet. Minor mudlog gas readings (C1 up to C4) were recorded throughout the secondary reservoir section.

The forward operation is to run and cement the 9 5/8” casing and then drill ahead into the primary Nido Limestone reservoir in the 8 ½” hole section, down to the planned Total Depth of 3,672 metres MD (3,650 metres TVDss). Running and setting the 9 5/8” casing is anticipated to take up to five days to complete.

The next weekly update to the market on the progress of the Gindara-1 well will be on 9 June 2011.

Source:Nido Petroleum , June 7, 2011;

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