First Crude Cargo Offloaded at Tindalo Nido Petroleum Limited (Nido), as Operator of Service Contract 54A (SC 54A), is pleased to advise that the first crude oil cargo from the Tindalo oil field has been successfully offloaded. Highlights from the offloading include: ? a total of 194,336 barrels of crude oil (at 60?F) has been offloaded from the FSO Tove Knutsen into the offtake tanker MT Amba Bhavanee which has taken the crude onboard; ? the MT Amba Bhavanee will now sail to South Korea over the next several days to deliver the cargo; and ? this offtake will deliver over US$14 million in gross revenue to the Joint Venture. Those remaining net amounts which were not already advanced to the Joint Venture on 19 August will be available to the Joint Venture within 5 days. Nido?s Deputy Managing Director, Ms. Joanne Williams, said, ?The Joint Venture?s marketer, Trafigura, has delivered a great result on this first sale from Tindalo and the first offloading went smoothly thanks to our Operations Team. This certainly marks a significant milestone for the Tindalo project and the SC 54A Joint Venture.? With respect of the sidetrack programme, the Aquamarine Driller has drilled approximately 180 metres of a new high-angle sidetrack hole to the south-southwest of the original Tindalo-1 well. The liner is being installed in the sidetrack after which the production completion will be installed. Clean-up oil flow to surface is anticipated at the end of the week and will be used to assess the stimulation requirements for the new sidetrack and a coiled tubing unit will be available to conduct this programme, if required. As advised in the previous operations update, Nido will provide an update on the progress of the sidetrack programme once Tindalo-1ST1 is flowing to surface. Yours sincerely Joanne Williams Deputy Managing Director
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15.5¢ Sentiment: Buy Disclosure: Held
