Nido to Drill the Philippines's Offshore Baragatan-1 Well in SC 63 Again

Nido Petroleum Limited (Nido or the Company) on behalf of SC 63 Joint Venture partners PNOC-EC and Dragon Oil (SC 63 Philippines) Limited reported Thursday that the Baragatan-1 well in Service Contract (SC) 63, offshore the Philippines, is to be re-spudded.

During the drilling of the 36 inch top-hole section the well encountered an unexpectedly unstable geological zone which precluded the setting of the 30 inch conductor pipe at the planned depth of 556.1 feet (169.5 meters) Measured Depth (451 feet or 137.5 meters TVD sub-sea). The forward plan is to move the rig approximately 328 feet (100 meters) from the current surface location and re-spud the well.

Nido will provide further progress reports to the market at key casing points following the respudding of the well.

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