Nido Petroleum Limited and its Joint Venture partner Kairiki Energy Limited have provided a progress report on the Yakal-1 well in Service Contract 54 (SC54), located in the NW Palawan Basin, offshore the Philippines.
As of the date of the last report, Yakal-1 had drilled to total depth, intersected an oil accumulation and was
Nido's Deputy Managing Director, Joanne Williams said, "The Yakal-1 discovery is an important first step in realizing the Joint Venture's strategy to rapidly commercialize the SC54 inboard area. As well as Yakal-1 and Tindalo-1, the next well on the schedule, there are in excess of 20 additional prospects in the SC54 inboard area covered by 3D seismic data. While each prospect is relatively modest in size, with future drilling success and the application of pragmatic, low cost development methodologies, there is the opportunity to aggregate several discoveries into a single production facility, to optimise value."
The work program in the coming months will review all the data gathered during the drilling program to evaluate the reservoir quality and oil-in-place resource estimates. Following the suspension of the Yakal-1 well for future re-entry, the WilBoss jackup drilling rig will mobilize to the Tindalo-1 well location, approximately 5.5 kilometers to the north east of Yakal-1, for the second well in the SC54 drilling campaign.
Nido's Chief Executive Officer, Jocot de Dios said, "This is the first oil discovery to be made in the Philippines in the last 14 years -- a momentous milestone for both the country and the Company. Whilst there is still another exploration well to drill in this campaign, this early success supports Nido's strategic decision to focus its efforts and investments in the Northwest Palawan Basin and importantly, the decision to accelerate our shallow water strategy whilst we mature our deep water exploration portfolio."
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