NDO petroleum abandons SC63

July 7, 2014: Interaksyon.com
http://www.interaksyon.com/business...ect-off-palawan-after-tests-turn-out-negative

Nido Petroleum-led group to abandon oil prospect off Palawan after tests turn out negative

MANILA - The exploration well drilled by the consortium led by Nido Petroleum Ltd at the Baragatan prospect in offshore Palawan has proven to be unsuccessful.

In a regulatory filing, Nido said no oil and gas reserves of commercial scale were found in the Baragatan 1A well after weeks of drilling activities.

The drilling of the Baragatan 1A well commenced in May and reached a depth of 2,681 meters. Data culled from the drilling activity, however, "did not warrant further evaluation or testing," the Australian company said in a statement.

In light of this, the company will plug and abandon the well located within Service Contract (SC) 63, a 10,560 square kilometer petroleum block in offshore Palawan.

Nido controls a 20 percent stake in the contract area while state-owned Philippine National Oil Co-Exploration Corp and Dragon Oil Plc of Dubai own 40 percent each.

“Naturally I am disappointed to have to report to shareholders that the Baragatan-1A well has not discovered commercial hydrocarbons. The well has, however, provided the SC 63 joint venture with valuable new technical information which now requires integration into current subsurface models from which the forward exploration strategy for the block will be determined,” Phil Byrne, Nido managing director, said.

The prospect was initially projected to have an oil-in-place of 676 million barrels with an upside potential of 977 million barrels.

-------------------

Even with all the hi-tech equipment available nowadays, we still get dry wells? SC63 is not very far from SC55 right?  What do you think is the COS (chance of success) at hawk eye?