🕐22.09.10 - 03:27 Uhr
Kairiki Energy - First Crude Cargo Offloaded at Tindalo
ASX Announcement
21 September 2010
First Crude Cargo Offloaded at Tindalo
Please refer below to the ASX release of Nido Petroleum Limited, SC 54A
Operator, that was released on the afternoon of Tuesday 21 September for
further details.
Nido Petroleum Limited (Nido), as Operator of Service Contract 54A (SC
54A), is pleased to advise that the first crude oil cargo from the Tindalo
oil field has been successfully offloaded.
Highlights from the offloading include:
* a total of 194,336 barrels of crude oil (at 60°F) has been offloaded from
the FSO Tove Knutsen into the offtake tanker MT Amba Bhavanee which has
taken the crude onboard;
* the MT Amba Bhavanee will now sail to South Korea over the next several
days to deliver the cargo; and
* this offtake will deliver over US$14 million in gross revenue to the
Joint Venture.
Those remaining net amounts which were not already advanced
to the Joint Venture on 19 August will be available to the Joint Venture
within 5 days.
Nidos Deputy Managing Director, Ms.
Joanne Williams, said, "The Joint
Ventures marketer, Trafigura, has delivered a great result on this first
sale from Tindalo and the first offloading went smoothly thanks to our
Operations Team.
This certainly marks a significant milestone for the
Tindalo project and the SC 54A Joint Venture."
With respect of the sidetrack programme, the Aquamarine Driller has drilled
approximately 180 metres of a new high-angle sidetrack hole to the
south-southwest of the original Tindalo-1 well.
The liner is being
installed in the sidetrack after which the production completion will be
installed.
Clean-up oil flow to surface is anticipated at the end of the
week and will be used to assess the stimulation requirements for the new
sidetrack and a coiled tubing unit will be available to conduct this
programme, if required.
As advised in the previous operations update, Nido will provide an update
on the progress of the sidetrack programme once Tindalo-1ST1 is flowing to
surface.
To read the full announcement please click here.
http://www.stocknessmonster.com/news-item?S=NDO&E=ASX&N=506117
For more information please contact:
Dr Mark Fenton
Managing Director
Kairiki Energy Limited
Tel: 61 (8) 9388 6711
James Harris
Professional Public Relations
Tel: 61 (8) 9388 0944
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