Philippines: Nido Petroleum Ltd. starts evaluation of project expansion

Philippines: Nido Petroleum Ltd. starts evaluation of project expansion

AUSTRALIAN OIL AND GAS FIRM NIDO PETROLEUM LTD. HAS BEGUN THE EVALUATION OF
A POSSIBLE EXPANSION ITS PROJECT IN THE GALOC OIL FIELD FOLLOWING THE
COMPLETION OF THE DRILLING OF A SECOND WELL.

Nido said the drillship Deepsea Metro I met the depth target in the Galoc
Clastic Unit reservoir interval, and is now in the process of plugging and
abandoning the Galoc-7ST-1 in the Galoc Central Field Area.

Preliminary data revealed the reservoir unit has hydrocarbons, Nido said in
a disclosure to the Australian Stock Exchange. Hydrocarbons signify the
presence of a petroleum system in the area.

"At this stage the Galoc-7ST-1 well results, in combination with the Galoc-7
results, are being evaluated by the Company and the results of both wells
will be incorporated into the relevant sub-surface models to assess the
commerciality of a potential Phase III development," the firm said.

Last month, Nido finished its drilling works at the Galoc Clastic Unit
reservoir and found hydrocarbons and water. However, these results were
inconclusive, they said.

As Galoc's operator, Nido holds a combined 55.88 percent participating
interest in Block C1 of SC 14 through its subsidiaries Nido Production
(Galoc) Pty Ltd and Galoc Production Company WLL.

Other members of the consortium are the Galoc Production Company No. 2 Pte.
Ltd. with a 26.84 percent share; Oriental Petroleum & Minerals Corp. and
Linapacan Oil Gas & Power Corp. with 7.79 percent; Philodrill Corp. also
with 7.79 percent, and Forum Energy Philippines Corp. holding 2.28 percent.

--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---

Link to Original Article:
http://powerphilippines.com/2017/05/02/nido-petroleum-ltd-starts-evaluation-
project-expansion/

--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---

John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com