Nido Petroleum Limited, as Operator of Service Contract 54A (SC 54A), provides an update on operations at Tindalo in the Philippines.

The following can be confirmed since the last update on 29 September: • a further (third) acid soak was completed on the Tindalo-1ST1 well using the coiled tubing unit; • following this stimulation well productivity increased further with maximum flow rates of 9,000 barrels of fluid per day, natural flow, with an average water cut of approximately 50%; and • Nido's technical team comprising in-house and external advisors, is monitoring production rates and evaluating the results of this latest stimulation.

Nido's Deputy Managing Director, Ms. Joanne Williams, said, 'We have conducted a conservative stimulation programme on this well to optimise productivity and keep water influx to a minimum. The influx of water following the latest acid soak is disappointing but we will continue to carefully monitor the response of the well and conduct diagnostic testing to determine the source and any possible remedial action. We will also engage the downhole electric submersible pump within the next 24 hours to maximise the flow rate.'

Tags: Nido Petroleum Limited