🕐06.01.11 - 02:54 Uhr
Kairiki Energy - Tindalo Operations & SC54A Update
ASX Announcement
6 January 2011
Tindalo Operations and SC54A Update
Nido Petroleum Limited (ASX: NDO) (Nido), as Operator of Service Contract
54A (SC 54A), provides this update on the operations at Tindalo.
Since the last operations update on 29 December 2010, Nido, along with its
Joint Venture Partners has reached a decision to call off the jack up-rig
Aquamarine Driller following the abandonment of the Tindalo well.
This decision is without prejudice to the possible development of the Yakal
field, which is an option currently being considered by the SC54A Joint
Venture Partners.
The Aquamarine Driller will be available for use by the SC 54A Joint
Venture for a period of three (3) months from the call off date.
Commenting on the recent developments, Nido President and CEO, Jocot de
Dios, said: "While the Tindalo test results have been disappointing, the
Joint Venture will continue to assess its shallow water opportunities
within its inboard (SC 54A) portfolio."
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%
To read the full announcement please click here:
http://www.stocknessmonster.com/news-item?S=NDO&E=ASX&N=523688
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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