Kairiki Energy Limited (ASX:KIK) is pleased to announce a significant acceleration of the Service Contract 54 (“SC 54”)
Joint Venture shallow water strategy in the Philippines. SC 54 is located in the NW Palawan Basin, offshore of the Palawan Island.
Please find attached a copy of the press release issued by the operator of SC 54, Nido Petroleum Limited (ASX:NDO). Kairiki’s Managing Director Craig Gumley said;
“This acceleration of the shallow water exploitation strategy exposes Kairiki to potential early oil production from SC 54 by appraising the low risk pinnacle reef opportunities, two of which have already flowed oil to surface at rates greater than 1,000 bopd.
This expansion in strategy means that the Joint Venture is also seeking to secure a second drilling rig to drill the standout outboard prospect Gindara-1 in 2009. There are clearly different drivers when considering the low risk shallow water/inboard portfolio and the more material outboard portfolio and execution of this parallel strategy should optimise the value of SC 54 to the Kairiki shareholders”.
KIK Price at posting:
0.0¢ Sentiment: None Disclosure: Held
