🕐07.10.10 - 12:27 Uhr
Kairiki Energy - Nido Petroleum: Market Update
ASX Announcement
7 October 2010
Market Update
Please refer below to the ASX release of Nido Petroleum Limited, SC 54A
Operator, relating to an update on Service Contracts 54A and 54B for
further details.
Nido Petroleum Limited (Nido) is pleased to provide the following update on
the current activities of the Company.
Tindalo Sidetrack Program
As previously advised, Nido commenced drilling the Tindalo-1ST1 well on 13
September 2010.
The sidetrack well was completed on 25 September 2010 and
following initial testing and stimulation, which included three separate
acid soaks, a maximum flow rate of 9,000 barrels of fluid per day was
recorded, natural flow, with an average water cut of about 50%.
Nidos
technical team comprising in-house personnel and external advisers, is
monitoring production rates and evaluating the results of the sidetrack.
The electric submersible pump (ESP) has been deployed following a brief
shutin period, and has been switched on to increase fluid production.
The
joint venture is assessing other options to mitigate water production.
Service Contract 54B
Preparations are progressing for the drilling of the Gindara prospect
within the first half of 2011 even though Nido is not required to drill a
well in SC 54 until August 2011.
Long lead items for the drilling campaign
are being acquired and a search for drill rigs has commenced.
Potential Farmout Update
Nido refers to previous announcements on its search for strategic
opportunities to farm-out its oil and gas assets.
As an update to that
strategy, Nido advises that it is in advanced discussions with a
significant oil and gas company in relation to Service Contract 54 Block B.
The discussions whilst advanced remain confidential and incomplete.
Nido stresses that there is no guarantee that any final agreement will be
reached despite these ongoing discussions.
Furthermore, if any agreement is
entered into it will be conditional upon any necessary third party consents
and approvals from the Department of Energy in the Philippines.
Nido will keep the market informed of any material developments concerning
this matter and in relation to its strategy generally.
To read the full announcement please click here.
http://www.stocknessmonster.com/news-item?S=NDO&E=ASX&N=508599
For more information please contact:
Dr Mark Fenton
Managing Director
Kairiki Energy Limited
Tel: 61 (8) 9388 6711
James Harris
Professional Public Relations
Tel: 61 (8) 9388 0944
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