Nido updates Philippines reserves estimates

The recent Yakal and Tindalo oil discoveries in SC 54 offshore the Philippines are estimated at up to 10.7 MMbbl and 24.5 MMbbl, respectively, reports Nido Petroleum Ltd. and joint-venture partner Kairiki Energy Ltd.

Offshore staff

PERTH, Western Australia --The recent Yakal and Tindalo oil discoveries in SC 54 offshore the Philippines are estimated at up to 10.7 MMbbl and 24.5 MMbbl, respectively, reports Nido Petroleum Ltd. and joint-venture partner Kairiki Energy Ltd.

An analysis of drilling data, oil samples, and pressures and wireline log data from the Yakal-1 and Tindalo-1 discovery wells which intersected the target Nido Limestone formation indicate the oil column heights penetrated in the wells are 78-93 m (256-305 ft) and 124-144 m (407-472 ft), respectively, says Nido.

The SC 54 Joint Venture now plans to build static and dynamic reservoir models based on the Isis depth mapping of the 3D seismic data over the Yakal-1 and Tindalo-1 structures.

03/04/2009

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