UMW Naga 5 Spuds Baragatan-1 Well in SC 63 Offshore Philippines

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Nido Petroleum Limited (Nido or the Company) reported Thursday on behalf of SC 63 Joint Venture partners PNOC-EC and Dragon Oil (SC 63 Philippines) Limited that the UMW Naga 5 (400' ILC) jackup has spud the Baragatan-1 exploration well in Service Contract (SC) 63, offshore the Republic of the Philippines, at approximately 8.00 am WST May 15.

The well, which is being operated by Nido Petroleum Philippines Pty Ltd, is currently drilling ahead in the 36 inch hole section prior to setting the 30 inch conductor as planned. Nido will provide further progress reports to the market at key casing points during the drilling of the well.

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