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Nido Petroleum Limited (ASX: NDO) Spud day imminent for Gindara-1 in SC 54B

 HIGHLIGHTS

-  Deepwater Rig ‘Atwood Falcon’ mobilized and due to anchor at Gindara-1 in SC 54B on or about 18 May 2011.

- Gindara-1 spud expected on 21 May 2011.

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 announce that the ‘Atwood Falcon’ deepwater semi-submersible drilling rig was mobilized from Labuan, Malaysia at 01:00 hours on 14 May 2011 and is due to arrive at the Gindara-1 location in the Philippines on or about 18 May 2011.

Following the setting of anchors and completion of pre-drill activities, the well is anticipated to spud on 21 May 2011. The well will be drilled to a total vertical depth subsea (TVDSS) of 3,650 meters with the primary Nido Limestone reservoir target prognosed at approximately 3,400 meters TVDSS.

Jon Pattillo, Head of Exploration, said: “Nido is pleased to announce that drilling of the Gindara-1 prospect is due to commence shortly as planned. Gindara-1 is the first well to be drilled in the block by the SC 54B Joint Venture and is also the first in Nido’s planned five well program. We look forward to getting the drilling underway.”

 The ‘Atwood Falcon’ rig will drill the Gindara-1 prospect (refer to Location Map) under a Rig Assignment Agreement between Sarawak Shell Berhad/Sabah Shell Petroleum Co Ltd and Nido Petroleum Philippines Pty Ltd, who is operating the well on behalf of the SC 54B Joint Venture.
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