Courtesy of Jongo (HC)

Announcement out ...

Nido Petroleum Ltd (Nido) is pleased to announce the initial interpretation of the Galoc pilot hole results. The pilot hole programme was completed late on Saturday 3 November and indicates an oil column at the pilot hole location. The reservoir top, the oil-water contact and the indicated reservoir quality appear consistent with the predevelopment studies and will be validated by further petrophysical work in the coming days. Once this initial interpretation has been verified, the details will be the subject of a separate announcement.
The pilot hole was designed to confirm potential reserves in the southern sector of the field by evaluating the reservoir structure and quality in that area and to optimise the location of the Galoc 3 production well. The pilot hole programme included
cutting core, logging, pressure measurements and sampling of reservoir fluids. Deputy Managing Director, Joanne Williams, said “These early results are very
encouraging for the Joint Venture. The pilot hole results correspond well with the pre-development subsurface modelling which reduces reservoir risk and increases
our level of confidence in the subsurface predictions.”
In accordance with the drilling programme, the pilot hole will be plugged back to the 13-3/8 inch casing shoe and sidetracked to drill the Galoc 4 horizontal production well. While Galoc 4 is being drilled, full petrophysical analysis combining the log data with the recovered core from the pilot hole will be used to fine-tune the placement of the Galoc 3 production well.

OEL is in this JV - so tomorrow may be a good one!