Nido Petroleum Limited and its Joint Venture partner Kairiki Energy Ltd. have announced that drilling commenced with the spud of the Yakal-1 exploration well in Service Contract 54 (SC 54) on September 8, 2008.
Yakal-1 is expected to take approximately 3 weeks to drill and, if justified, will be suspended pending extended well testing. The rig will then be released to the Tindalo-1 location also located in SC 54. This well is the first exploration well in the Northwest Palawan Basin in the Philippines in almost ten years.
Nido's Chief Executive Officer, Jocot de Dios, said, "I am extremely pleased on both a personal and professional level to reach this literally ground breaking event. As the first exploration well in a decade in the most prospective basin in the Philippines, this signals the culmination of many years of dedicated and focused efforts from Nido, who first entered the Philippines in 1996, as well as the people of the Department of Energy who have been working tirelessly to promote exploration activity in pursuit of energy self-sufficiency for the country. Yakal-1 is the first of many wells we intend to drill in the Palawan Basin and we are excited to have reached this milestone in our Company's history."
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