Philippines: Nido Petroleum to Plug and Abandon Gindara-1 Well

Nido Petroleum Limited , on behalf of the SC 54B Joint Venture, wishes to provide the following update on the Gindara-1 well.

At 06:00 hours on 20 June 2011 the current operation at Gindara-1 was recovering the wireline logging tool following completion of the logging program.

The following summarises the preliminary interpretation of the wireline logging data from the well (TVDss depths have been corrected for well-bore deviation).

• The excellent quality Nido Limestone reservoir section encountered from 3,565 metres MD (3,542 metres TVDss) to the TD of the well has been confirmed as water bearing.

• The low porosity upper section of the Nido Limestone encountered between 3,378 metres MD (3,355 metres TVDss) and 3,565 metres MD (3,542 metres TVDss) is interpreted to contain a potential gas column (gross thickness of 187 metres). The lower 43 metres of this potential gas column between 3,522 metres MD (3,499 metres TVDss) and 3,565 metres MD (3,542 metres TVDss) may represent a possible thin oil column. Confirmation of both the potential gas and thin oil columns will require further detailed work following the well campaign.

The forward plan is to plug and abandon the Gindara-1 well.

Jon Pattillo, Nido’s Head of Exploration commented, “The wireline logs have confirmed that the excellent quality limestone reservoir interval seen in the lower part of the well is water bearing. Whilst we do not consider the potential hydrocarbons interpreted in the well to be commercial, confirming the presence of the interpreted gas column and possible thin oil zone in the low porosity limestone interval will nevertheless form a key part of the post well evaluation due to the implications that the presence of hydrocarbons at Gindara-1 could have on the broader prospectivity of SC 54B.”

Jocot de Dios, Nido’s CEO commented, “While the excellent quality reservoir has been shown to be water bearing, the results of the drilling will nevertheless require further work from the joint venture. In the meantime, we look forward to concluding this campaign at the soonest possible time in a safe and efficient manner.”

Source:Nido Petroleum , June 20, 2011;

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