Philippines: Nido Postpones SC 58 Drilling Decision for 2013

Nido Petroleum Limited, as Operator of Service Contract 58 (‘SC 58’), on behalf of its JV partner Philippine National Oil Company Exploration Corporation (‘PNOC EC’), announces that PNOC – EC have now agreed to extend the date by which Nido is required to elect to drill the commitment well, under the farm in agreement, from 12 January 2012 to 30 June 2013.

Nido is currently in the process of identifying a suitable seismic vessel to acquire approximately 1,000 kilometers of 2D seismic data in the northern part of SC 58 in the first quarter of 2012. A further update on the seismic program will be provided once a vessel has been contracted and Joint Venture and DOE approvals are in place.

Service Contract 58 (SC 58) is a large deepwater block of approximately 13,440 sq km that lies immediately outboard of the giant Malampaya gas field. No wells have been drilled in the block to date. Water depths are in excess of 1,000 metres over most of the block.

[mappress]
Offshore Energy Today Staff, January 19, 2012; Image: Nido Petroleum