Nido Petroleum Limited (Nido or the Company) provided the following update on the upcoming Indonesian drilling campaign in the Baronang and Gurita PSC’s operated by Lundin Petroleum (Lundin) on behalf of the respective (Production Sharing Contract) PSC joint venture partners.
Government Approval of Transfer of PSC interests
Nido has received government approval from MIGAS of the transfer of the 10 percent participating interest in each of the Baronang, Gurita and Cakalang PSCs.
Lundin has advised that the Japan Drilling Company-owned Hakuryu 11 (425' ILC) jackup is expected to be released to the Lundin operated Joint Venture for the drilling program in the Baronang and Gurita PSC’s, Republic of Indonesia during November 2013.
The jackup has been made available through a long-term rig-share agreement between Premier Oil and Lundin Petroleum. Under the terms of this agreement, Lundin has secured the first wells on the rig-share drilling sequence, with a further two options slots available to Lundin/Nido in 2014/15.
It is anticipated the Hakuryu 11 jackup will be mobilized from its current operation in Vietnam to the Baronang PSC, where it will commence drilling the Balqis-1 exploration plus Boni-1 sidetrack. Following the drilling in Baronang, the jackup will then move to the Gurita PSC where it will drill the Gobi-1 exploration well.
In the event the Hakuryu 11 jackup is released after November for any reason, the Gobi-1 exploration well will need to be re-sequenced to the second half of 2014.
Nido’s Managing Director, Phil Byrne stated: “I am looking forward to the commencement of the drilling campaign in Indonesia. This is an exciting time as these wells mark the commencement of an intense period of operational activity for the Company that will see two exploration wells and a side-track drilled in Indonesia and an exploration well drilled in the Philippines through to the second half of 2014”.
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