Nido says Baragatan-1 to be re-spudded

Nido Petroleum Ltd., on behalf of SC 63 Joint Venture partners PNOC-EC and Dragon Oil (SC 63 Philippines) Ltd., advises that the Baragatan-1 well is to be re-spudded.

May 22nd, 2014

Offshore staff

PERTH, Western AustraliaNido Petroleum Ltd. (ASX: NDO), on behalf of SC 63 Joint Venture partners PNOC-EC and Dragon Oil (SC 63 Philippines) Ltd., advises that the Baragatan-1 well is to be re-spudded.

During the drilling of the 36-in. tophole section, the well encountered an unexpectedly unstable zone which precluded setting the 30-in. conductor pipe at the planned depth of 169.5-m (556-ft) measured depth [137.5 m (451 ft) in TVD subsea]. The forward plan is to move the rig 100 m (328 ft) from the current surface location and to re-spud the well.

05/22/2014

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