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

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."

Tags: Nido Petroleum Limited