Nido to Acquire Additional 2D Seismic at SC 54B

- Nido to Acquire Additional 2D Seismic at SC 54B

Friday, August 19, 2011
Kariki Energy

The recent discovery of a 187 meter hydrocarbon column in the Gindara-1 well in SC 54B, although not commercial, has highlighted the exploration prospectivity of the block when considered in combination with the potentially encouraging results from the reprocessing of seismic over the central and southern parts of the SC 54B permit. The Pawikan lead in the southern part of the block has been identified on existing regional seismic data and is estimated by the Operator to have the potential to contain 700+ MMbbls oil (in-place, unrisked).

The Operator, Nido Petroleum, has advised Kairiki that it is currently reviewing the opportunity to acquire further 2D seismic in the next few months over the Pawikan lead utilizing a seismic vessel that may be in the area at that time. This additional seismic, which would be cost effective, is intended to mature the Pawikan lead for possible drilling in the future. Any proposed seismic program will be subject to Joint Venture approval.
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This seismic acquisition in SC 54B coupled with the ongoing farmout of our interests in SC 54A, which involves the funding of a drilling program by the farminee, would significantly progress Kairiki's exploration and evaluation efforts over the next 12 to 18 months.

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Nido Spies O&G Column at Ginadara-1 Well

- Nido Spies O&G Column at Ginadara-1 Well

Friday, July 01, 2011
Kariki Energy

Kairiki provide an update on its operations in the Philippines.

• SC54B (KIK: 22%)
  • Preliminary interpretation of wireline log data suggests that the recently drilled Gindara-1 exploration well discovered a 187 meter hydrocarbon column (144 meters of gas and an additional 43 meters of possible oil). However due to the hydrocarbon column being contained in poor quality reservoir, the discovery is considered non-commercial;
  • A re-assessment of depth mapping will focus on the hydrocarbon column encountered, closure height of the structure and whether or not the Gindara structure could be filled to spill with hydrocarbons;
  • Seismic reprocessing of some 2D seismic lines within the southern portion of SC54B has provided some preliminary evidence for the possible existence of the southern extension of the Malampaya Trough adjacent to the 53 sq km Pawikan lead. This could have implications for the prospectivity of the southern part of SC54B as the Malampaya Trough is considered to have generated the hydrocarbons encountered in Gindara-1 approximately 30 km to the north of Pawikan;
  • A review of results of the Gindara-1 well in addition to area studies focussing on the prospectivity on the southern portion of the block is ongoing.
• SC54A (KIK: 30.1%)
  • Assessment of the results of seismic reprocessing of the area covering the Nido 1X1 oil discovery has confirmed the robustness of the oil bearing Nido Limestone pinnacle reef . Work is currently ongoing to determine the potential oil volumes within the structure and commercialization scenarios;
  • A substantial portfolio of potentially economic prospects and discoveries has been re-affirmed, with the highest graded opportunities identified to be the Nido-1X1 discovery (which is located near the Nido A production platform in adjacent block SC 14A) and the Lawaan exploration prospect;
  • Kairiki is currently seeking to reduce its interest in the bock in return for a funded drilling program. The Company has been in discussions with a number of parties in regards to a possible transaction.

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Nido Reaches TD at Gindara Well

- Nido Reaches TD at Gindara Well

Friday, June 17, 2011
Nido Petroleum Ltd.

Nido, on behalf of the SC 54B Joint Venture, provided the following update on the Gindara-1 well.

Since the last update, the Gindara-1 well has been drilled from 3,530 meters MD (3,508 meters TVDss) to the revised Total Depth (TD) of 3,660 meters MD (3,638 meters TVDss) in the primary Nido Limestone reservoir section. Current operations are pulling out of the hole to run wire-line logs.

While drilling the Nido Limestone at 3,560 meters MD (3,538 meters TVDss) the well intersected the predicted good quality reservoir section in the Nido Limestone which extended down to the revised TD of the well at 3,660 meters MD (3,638 meters TVDss).

Although indications are that the good quality limestone reservoir section is water bearing, it has not been possible to definitively determine if the fluids in the reservoir are hydrocarbons or water due to the combination of a potential deep invasion of the reservoir by the drilling mud and technical problems with the Logging Whilst Drilling (LWD) logging equipment. Therefore, a comprehensive wire-line logging program is being run to confirm the fluid type within the good quality Nido Limestone reservoir section.

Jon Pattillo, Nido's Head of Exploration commented, "We have encountered the high quality limestone reservoir section that was predicted pre-drill. Although indications are that the good quality limestone reservoir is water bearing, it is possible that the drilling fluid has invaded the limestone reservoir due to its good porosity. We have not been able to definitively determine if this is the case due to technical problems with the LWD logging tool and so we are running a comprehensive logging program to confirm the fluid type within the reservoir. This program will take a few days to complete and Nido will provide a further update on the results when they become available."

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Nido Updates Gindara Ops

- Nido Updates Gindara Ops

Thursday, June 09, 2011
Nido Petroleum Ltd.

Nido, on behalf of the SC 54B Joint Venture, provided the following update on the Gindara-1 well.

The 9 5/8" casing has been successfully run to the casing setting depth of 3,337.6 meters MD (3,315.6 meters TVDss). The 9 5/8" casing is currently being cemented in-place. Following completion of casing operations, the 8 ½" hole section will be drilled through the remaining Lower Pagasa shales and into the Nido Limestone Formation, the primary reservoir objective in the Gindara-1 well.

Jon Pattillo, Nido's Head of Exploration commented, "We are looking forward to drilling ahead at Gindara-1 following completion of the 9 5/8” casing activities. Drilling operations at Gindara-1 have gone very well and we have now reached the most exciting stage as we approach the primary reservoir objective – the Nido Limestone.

The results from the Coron Clastics secondary reservoir objective do not impact the hydrocarbon potential of the deeper Nido Limestone, which we look forward to drilling with keen anticipation over the coming week."

Subject to any operational delays, Nido anticipates that it will be drilling ahead over the weekend and will provide a further update to the market when the results from the Nido Limestone are known.

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Nido to Run Casing at Gindara Well

- Nido to Run Casing at Gindara Well

Tuesday, June 07, 2011
Nido Petroleum Ltd.

Nido, on behalf of the SC 54B Joint Venture, provided an interim update on the progress of the Gindara-1 well.

On June 7, 2011, the Gindara-1 well was preparing to run the 9 5/8" casing at the revised depth of 3,345 meters MD (3,323 meters TVDss) in the lower section of the Pagasa Formation just above the Nido Limestone primary reservoir objective. Progress since the last update has been 1,680 meters.

Whilst drilling the Pagasa Formation, the secondary Coron Clastics reservoir interval was encountered between 2,907 meters MD (2,885 meters TVDss) and 3,267.5 meters MD (3,245.5 meters TVDss), a gross thickness of 360.5 meters. This was approximately 33 meters deep to prognosis. Based on LWD logs (Logging While Drilling) the section is interpreted to be water-wet. Minor mudlog gas readings (C1 up to C4) were recorded throughout the secondary reservoir section.

The forward operation is to run and cement the 9 5/8" casing and then drill ahead into the primary Nido Limestone reservoir in the 8 ½" hole section, down to the planned Total Depth of 3,672 meters MD (3,650 meters TVDss). Running and setting the 9 5/8" casing is anticipated to take up to five days to complete.

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Nido Nears TD at Gindara Well

- Nido Nears TD at Gindara Well

Thursday, June 02, 2011
Nido Petroleum Ltd.

Nido, on behalf of the SC 54B Joint Venture, provided the following update on the progress of the Gindara-1 exploration well over the past week.

At 06:00 hrs (WST) on June 2, 2011, the Gindara-1 well was at a depth of 2,745 meters MD (2,723 meters TVDss) and drilling ahead in the Pagasa Formation. Progress for the week was 1,343 meters.

The forward operation is to continue to drill the 12 1/4'" hole through the Pagasa Formation to the section total depth of approximately 3,307 meters MD (3,285 meters TVDss) where the 9 5/8" casing is planned to be set. Prior to reaching the 9 5/8" casing depth, the
Gindara-1 well is prognosed to penetrate the top of the secondary Coron Clastics reservoir objective at approximately 2,872 meters MD (2,850 meters TVDss).

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Nido Preps Casing at Gindara Well

- Nido Preps Casing at Gindara Well

Thursday, May 26, 2011
Nido Petroleum Ltd.

Nido, on behalf of the SC 54B Joint Venture, announced that at 06:00 hrs (WST) on May 26, 2011, the 17 ½" hole in the Gindara-1 exploration well in SC 54B had been drilled to 1,380 meters MD (1,358 meters TVDss) and the current operation is preparing to set the 13 3/8" casing in the upper Pagasa Formation mudstones as planned.

During the week, the Gindara-1 well was drilled from the seafloor through the Carcar and Matinloc Formations and into the top of the Pagasa Formation which has been provisionally picked at 1,317 meters MD (1,295 meters TVDss). The well was then drilled into the upper Pagasa Formation to where the 13 3/8" casing is currently being set.

The forward operation is to complete the running and cementing of the 13 3/8" casing and drill the 12 1/4" hole section to 3,307 meters MD (3,285 meters TVDss) where the 9 5/8" casing is planned to be set.

Updates on the progress of the Gindara-1 well are being issued on a weekly basis, the next release to the market being Thursday, June 2, 2011.

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Nido Spuds Ginadara Well

- Nido Spuds Ginadara Well

Friday, May 20, 2011
Nido Petroleum Ltd.

Nido announced that the Atwood Falcon deepwater semi-submersible drilling rig spudded the Gindara-1 exploration well at 00:45 hrs on May 20, 2011.

The Atwood Falcon rig arrived over the Gindara-1 location at approximately 02:00 hrs on May 18, 2011. Following the setting of the primary and secondary anchors, the 36 inch hole opener was picked up and the well spudded. The 36" hole will be drilled to approximately 396 meters Measured Depth (MD) equivalent to 374 meters Total Vertical Depth below sea-level (TVDss).

The Gindara-1 well will be drilled to a total depth of 3,672 meters MD (3,650 meters TVDss). The top of the primary Nido limestone reservoir objective is prognosed at 3,422 meters MD (3,400 meters TVDss) and the top of the secondary Coron Clastic reservoir at 2,872 meters MD (2,850 meters TVDss). The well is expected to reach the primary objective Nido limestone reservoir in approximately 16 days from spud.

Jon Pattillo, Head of Exploration, said, "Mobilization of the Atwood Falcon rig from Labuan to the Gindara1-1 well location went very smoothly. With the rig anchors successfully set and the well now spudded, the SC 54B Joint Venture is looking forward to drilling to the reservoir objectives in a safe and efficient manner. For Nido, the Gindara-1 well marks an important milestone for the company as it represents the first well in our planned five well NW Palawan drilling program."

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