Nido on behalf of the SC 58 Joint Venture, provided the preliminary results of the deepwater sea-bed coring program completed in the NW Palawan basin in April 2010.
Highlights of the preliminary interpretation and geochemical analysis of the acquired core data are as follows:
These preliminary results are very encouraging and substantially de-risk the deepwater play fairway with respect to hydrocarbon source and charge risk and also highlight the potential that exists in the deepwater SC 58 permit where Nido is partnered with the Philippine National Oil Company. Nido has estimated that the structures in this permit have the potential to contain more than 5.0 billion barrels of unrisked Oil In Place (most likely).
Jon Pattillo, Nido's Head of Exploration, commented, "I am very encouraged by the preliminary results of the sea-bed coring geochemistry. In fact, the widespread distribution of liquid hydrocarbon micro-seepage implies the presence of an extensive and active oil and gas-prone source system across the most prospective sector of deepwater SC 58."
"The core data has successfully provided the SC 58 Joint Venture with evidence for direct hydrocarbon indications within deepwater SC 58, where no wells have been drilled to date. These preliminary results substantially reduce source and charge risk not only with respect to the large Balyena, Butanding and Balyena East Prospects identified by Nido's 2D and 3D seismic campaigns but the entire deepwater fairway across SC 58."
Following receipt of the final data, the results and implications will be fully integrated into the SC 58 Joint Venture's subsurface interpretation of the block allowing further high-grading and ranking of the SC 58 Prospect and Leads portfolio and future selection of drilling candidates.
Jocot de Dios, Nido's President and CEO, said, "The positive preliminary result of the seabed coring campaign is welcome news indeed, corroborating the inclusion of the Balyena prospect in SC 58 as part of Nido's 5-well drilling campaign. This further supports the investment that Nido has made in the block since its award in 2007 and will be invaluable in the Company's evaluation of our top-ranked prospects."
Nido is a dominant player in the NW Palawan Basin across all water depths from the shallow water areas that include its two producing oil fields at Galoc and Tindalo, mid-water depths which holds the Gindara drilling target through to the deep water area of SC 58 and SC 63 where a host of leads and prospects have been delineated.
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