Nido Petroleum has previously announced its intention to fast-track first oil from Tindalo (subject to final investment decision) to deliver a second revenue tream to the company in the near term.
SC 54 Area ‘A’ now encompasses some 867 square kilometers covering the inboard, shallow water portion of the Contract area including the Tindalo and Yakal oil discoveries and the associated portfolio of shallow water discoveries and targets.
SC 54 Area ‘B’ covers some 3,179 square kilometers of the deeper water area of the block which contains the large Gindara prospect along with several other attractive exploration targets.
Participants in SC 54: Nido Petroleum Philippines Pty Ltd (operator) with 60% interest, Yilgarn Petroleum Philippines Pty Ltd, a subsidiary of Kairiki Energy with 40%.
Nido Petroleum’s Deputy Managing Director, Joanne Williams, said “The partitioning of SC 54 will allow the Joint Venture partners to pursue the Tindalo Project (and mature the rest of the inboard area) more efficiently whilst maintaining our exploration efforts in the outboard in parallel where we are hunting larger targets such as the Gindara Prospect in SC 54B”.
“I am extremely pleased that the Philippine Department of Energy has approved the partitioning and is proactively working with the Joint Venture to further the development of another asset in the Palawan Basin,” she added.
