Nido Nears TD at Gindara Well

Nido, on behalf of the SC 54B Joint Venture, provided the following update on the progress of the Gindara-1 exploration well over the past week.

At 06:00 hrs (WST) on June 2, 2011, the Gindara-1 well was at a depth of 2,745 meters MD (2,723 meters TVDss) and drilling ahead in the Pagasa Formation. Progress for the week was 1,343 meters.

The forward operation is to continue to drill the 12 1/4'" hole through the Pagasa Formation to the section total depth of approximately 3,307 meters MD (3,285 meters TVDss) where the 9 5/8" casing is planned to be set. Prior to reaching the 9 5/8" casing depth, the
Gindara-1 well is prognosed to penetrate the top of the secondary Coron Clastics reservoir objective at approximately 2,872 meters MD (2,850 meters TVDss).

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