Production Exceeds Expectations at Tindalo

Nido Petroleum reported a series of tests were completed at Tindalo to further assess the productivity of the well and the source of the produced water. Following an extended well test, well productivity has exceeded expectations, flowing at a rate of 18,500 bopd. Roughly 56,708 barrels of oil along with about 5,384 barrels of water have been produced from the well. Due to faulty equipment, the water processing equipment is not available, so the field is flowing at a restricted rate of 6,000 bbls/d/ for operational purposes. The water source has not been identified, so produced water samples are being analyzed in Singapore. The Tindalo field is located in the northeast quadrant of Service Contract 54 (SC54) offshore Philippines. The Service Contract 54 consortium consists of Nido Petroleum (operator, 42.5%), Kairiki Energy (30%), Trafigura Ventures (15%), and TG World (12.5%).

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