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Nido Petroleum Limited (ASX:NDO) SC 54B Commencement of Gindara

SC 54B: Commencement of Gindara-1
Mobilisation Activities and Exploration Prospectivity Update
 
Highlights:
 
- Commencement of mobilisation activities for the Gindara-1 well;
- Gindara-1 spud expected mid May 2011; and
- Exciting new Lead portfolio identified in the central and southern areas of the block, including a large Nido Limestone Lead “Pawikan” which is of comparable size to Gindara.
 
Nido Petroleum Philippines Pty Ltd (wholly owned subsidiary of Nido Petroleum Limited;  ASX:NDO), on behalf of the SC 54B Joint Venture, is pleased to provide the following update on SC 54B.
 
Gindara-1:
 
Mobilisation activities related to the drilling of the Gindara-1 well have commenced. Load-out of the drilling materials is underway and the materials are being moved from the Loyang offshore base in Singapore to Labuan/Brunei Bay using the Voss Signal workboat. This is in readiness for on-loading to the ‘Atwood Falcon’ rig, following its inspection in early May. The rig is now expected to mobilise from Labuan/Brunei Bay around 13 May 2011 and spud around 18 May 2011.
 
SC 54B Central and Southern Sector -Exploration Prospectivity:
 
Recent analysis of vintage 2D seismic has identified a preliminary Lead portfolio which includes a large Nido Limestone Lead called Pawikan. Technical analysis is being carried out on variable quality vintage 2D seismic data outside of the modern Abukay 3D PSDM seismic area in which the Gindara-1 well is located. The Pawikan Lead is approximately 53 sq km in size and has a vertical relief of around 300 metres, which is comparable or larger in size to the nearby Gindara prospect. The SC 54B Joint Venture plans to further mature the Lead portfolio and undertake test reprocessing of selected vintage 2D data over the next few months in order to improve seismic image quality over the Pawikan Lead.
 
Jon Pattillo, Head of Exploration, said: “Nido has always felt confident in the prospectivity of SC 54 and Nido’s acreage in the Philippines. The large Pawikan Lead is an interesting structure as it lies to the south and on trend with the Gindara Prospect, which we will be drilling in May. Whilst further work is required to mature the structure to prospect level, Pawikan could offer an excellent large scale follow-up drilling opportunity”.
 
Jocot de Dios, Nido’s Chief Executive Officer, commented: “The SC 54B Joint Venture is operating its exploration activities at full pace and is excited about the Gindara-1 spud in a few weeks’ time. The preliminary Lead portfolio identification is a further milestone in the SC 54B acreage exploration program and Nido remains optimistic about our activities and operations in the block”.
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