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Nido Petroleum plugs, abandons Gindara 1

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Australian firm Nido Petroleum Ltd. is abandoning its drilling operations at the Gindara 1 well off Palawan, as the well was found “water bearing.”

This was disclosed by Jon Pattillo, head of exploration of Nido Petroleum, in a regulatory filing.

The drilling operations, however, showed “potential gas and possible thin oil columns” that might be coming from another source within the prospective sites covered by Service Contract 54B.

“While we do not consider the potential hydrocarbons interpreted in the well to be commercial, confirming the presence of the interpreted gas column and possible thin oil zone in the low porosity limestone interval will form a key part of the post-well evaluation, due to the implications that the presence of hydrocarbons at Gindara 1 could have on the broader prospect of SC 54B,” Patillo explained.

The confirmation of both the potential gas and thin oil columns will require further detailed work following the well campaign, according to the company.

“While the excellent quality reservoir has been shown to be water-bearing, the results of the drilling will require further work from the joint venture. In the meantime, we look forward to concluding this campaign at the soonest possible time in a safe and efficient manner,” Nido CEO JV Emmanuel de Dios said.

Gindara 1—which was supposed to give the joint venture an exposure to as much as 1 billion barrels unrisked oil in place—was the first exploration well to be drilled under the company’s five-well drilling program. The said program was expected to allow Nido and its partners to gain access to over 11 billion barrels of potential oil resources off northwest Palawan.

Apart from the Gindara prospect, the company also plans to drill in two sites within SC 63, specifically in the Aboabo discovery and the Kalapato site, which were estimated to hold 222 million barrels and 239 million barrels of oil, respectively; SC 58, which has the Balyena prospect (SC 58); and SC 54A, for the Lawaan discovery.


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Tags: Australia , Energy , Gindara 1 well , Nido Petroleum , Palawan , Philippines - Metro



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