🕐21.10.10 - 10:54 Uhr
Kairiki Energy - Tindalo Operations Update
ASX Announcement
21 October 2010
SC54A Tindalo Sidetrack Operations Update
The Directors of Kairiki Energy Limited ("Kairiki") provide the following
update on the current activities of the Tindalo project.
Tindalo Sidetrack - Diagnostics
The Operator of SC54A, Nido Petroleum Ltd has advised the Joint Venture of
the following status of the Tindalo-1 sidetrack operations:
Diagnostic tests commenced on Sunday 17th October.
The tests involved
coiled tubing conveyed specialised logging to determine the origin of water
ingress;
Whilst the diagnostic program is not yet complete, a number of logging
passes have been completed with the well under both natural flow and static
conditions;
At this stage, however, the origin of the water has not been identified and
diagnostic runs and interpretation of the data is ongoing; and
A decision by the Joint Venture on a remediation programme, if appropriate,
will be based on the final interpretation of the diagnostic data.
A further update will be provided to the market once the diagnostic results
are finalised and a remediation programme is approved by the Joint Venture.
Kairiki expects that this will occur in the next few days.
To read the full announcement please click here.
http://www.kairikienergy.com/system/application/assets/documents/20101021_Tindalo_Operations_Update1.pdf
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
SC 54A Working Interests
Company Working Interest
Nido Petroleum Philippines Pty Ltd (Nido, ASX: NDO) - Operator 42.4%
Yilgarn Petroleum Philippines Pty Ltd, (Kairiki, ASX: KIK) 30.1%
Trafigura Ventures III BV (Trafigura) 15.0%
TG World (BVI) Corporation (TG World) 12.5%
Corporate Profile
Kairiki Energy is an Australian Based junior international oil and gas
exploration and production company focussed on the Philippines.
Kairiki
holds a 30.1% interest in Service Contract 54A and a 40% interest in
Service Contract 54B.
SC 54A measures 862 km2 and contains the Tindalo,
Yakal, Nido 1X1 and Signal Head oil discoveries and a substantial portfolio
of similar low-risk reefal prospects.
In December 2009, Kairiki announced that the SC 54A Joint Venture had
approved the development of the Tindalo field.
Based on a successful
development at Tindalo a number of follow-up developments may be considered
in SC 54A.
SC 54B measures 3184 km2 and contains the Gindara prospect which
has a mean unrisked oil in place volume estimated by the Operator, of 634
million barrels.
The Gindara prospect is a very large simple four-way closure at the Top
Nido Limestone reservoir objective with an areal extent of 28 km2, a
vertical closure of over 300m and is well located to receive hydrocarbon
charge from the Palawan Trough.
Kairiki is seeking to farm down its
interest in SC 54B to accelerate drilling of the Gindara prospect.
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