PNOC Briefs Drilling Update at SC 63 in Manila

PNOC Exploration Corporation (PNOC EC), as Operator of SC63, and on behalf of its Joint Venture Partner, announced that detailed pre-planning for the SC 63 commitment well has commenced and is being undertaken at PNOC EC's head office in Manila.

The initial phase of work will focus on fully resourcing the drilling and subsurface teams, implementing pre-planning activities including securing long-lead items for up to two wells and completing basis of design work for a number of possible well options.

Based on the latest drilling project schedule, PNOC EC expects the SC 63 well will be drilled within the window of June to July 2012, subject to availability of a suitable rig. The planned drilling window based on the latest schedule fits well with the requirement to drill the SC 63 commitment well before the end of the current Sub-Phase of November 24, 2012.

PNOC EC holds a 50% working interest and is the Operator of SC 63. Nido Petroleum Ltd holds the remaining interest and is based in Perth, Australia.