Tindalo-1 well proves oil

The Tindalo-1 well in the NW Palawan basin, offshore the Philippines has proved oil, according to Nido Petroleum.

Offshore staff

SYDNEY, Australia -- The Tindalo-1 well in the NW Palawan basin, offshore the Philippines has proved oil, according to Nido Petroleum. The jackup WilBoss drilled the well to a total depth of 1,875 m (6,152 ft). Electric wireline logs confirmed a 119-m (390-ft) oil column.

Good oil shows while drilling support at least an additional 15 m (49 ft) of oil column below the logged zone, which could indicate a total column of at least 134 m (440 ft), the company says. Since there is no data (either from wireline logging or mud returns while drilling) below this point, the company cannot determine if, or for how far, the oil column extends.

"The work program in the coming months will include a review of all the data gathered during the drilling program to evaluate the reservoir quality and oil-in-place resource estimates of the Tindalo cluster," says Jocot de Dios, CEO of Nido Petroleum.

"The real bonus for us is that as well as Yakal-1 and Tindalo-1 there are in excess of 20 additional prospects in the SC54 inboard area covered by 3D seismic data. With the two out of two results from this drilling program, these future targets only add to the attractiveness of this area."

The company now plans to cap and secure the well for completion as a production well for extended well testing at a later date.

10/23/2008

More in Drilling & Completion