Nido Petroleum finds oil off Philippines

Nido Petroleum Ltd., Perth, said its Yakal-1 wildcat in SC54 of the Northwest Palawan basin off the Philippines has encountered a 66-m gross oil column.No definitive oil-water contact has been determined.Nido will evaluate the find with a logging suite and fluid sampling to clarify the extent of the column below 1,839 m.The jack up rig WilBoss drilled Yakal-1 to 1,975 m TD. Yakal-1 is the first exploration well drilled in the area in the past decade. The drill site is in the northeastern part of SC54 south of the producing Malampaya gas and oil field.Nido holds a 60% interest, and joint venture partner Kairiki Energy has the remaining 40%.BruneiField work has begun in support of a 350 sq ...

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