Nido Preps Casing at Gindara Well

Nido, on behalf of the SC 54B Joint Venture, announced that at 06:00 hrs (WST) on May 26, 2011, the 17 ½" hole in the Gindara-1 exploration well in SC 54B had been drilled to 1,380 meters MD (1,358 meters TVDss) and the current operation is preparing to set the 13 3/8" casing in the upper Pagasa Formation mudstones as planned.

During the week, the Gindara-1 well was drilled from the seafloor through the Carcar and Matinloc Formations and into the top of the Pagasa Formation which has been provisionally picked at 1,317 meters MD (1,295 meters TVDss). The well was then drilled into the upper Pagasa Formation to where the 13 3/8" casing is currently being set.

The forward operation is to complete the running and cementing of the 13 3/8" casing and drill the 12 1/4" hole section to 3,307 meters MD (3,285 meters TVDss) where the 9 5/8" casing is planned to be set.

Updates on the progress of the Gindara-1 well are being issued on a weekly basis, the next release to the market being Thursday, June 2, 2011.