SC63 JV Continues Drilling at Baragatan-1A Well in SC63 Off the Philippines

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 Wednesday that the Baragatan-1A well in Service Contract (SC) 63, offshore the Philippines as at July 2 was currently at 8,061 feet or 2,457 meters Measured Depth (7,063 feet or 2,152.9 meters TVD subsea).

Since the last update June 23, continuing formation pressure and unstable well bore conditions in the 8.5 inch hole section required the setting of the 7 inch liner at 7,729 feet (2,356 meters) Measured Depth (6,919 feet or 2,109 meters TVD sub-sea). Following the successful setting of the 7 inch liner, stable hole conditions were established although drilling performance has been reduced in the 6 inch hole section.

Current operation was changing the drill-bit before drilling ahead in 6 inch hole towards the primary reservoir objective.

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