Nido to Acquire Additional 2D Seismic at SC 54B
The recent discovery of a 187 meter hydrocarbon column in the Gindara-1 well in SC 54B, although not commercial, has highlighted the exploration prospectivity of the block when considered in combination with the potentially encouraging results from the reprocessing of seismic over the central and southern parts of the SC 54B permit. The Pawikan lead in the southern part of the block has been identified on existing regional seismic data and is estimated by the Operator to have the potential to contain 700+ MMbbls oil (in-place, unrisked).
The Operator, Nido Petroleum, has advised Kairiki that it is currently reviewing the opportunity to acquire further 2D seismic in the next few months over the Pawikan lead utilizing a seismic vessel that may be in the area at that time. This additional seismic, which would be cost effective, is intended to mature the Pawikan lead for possible drilling in the future. Any proposed seismic program will be subject to Joint Venture approval.
This seismic acquisition in SC 54B coupled with the ongoing farmout of our interests in SC 54A, which involves the funding of a drilling program by the farminee, would significantly progress Kairiki's exploration and evaluation efforts over the next 12 to 18 months.
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