Or this one - Nido eyes Yakal oil development‏January 7, 2011...

Or this one - Nido eyes Yakal oil development‏
January 7, 2011 1:46 am

MANILA, Jan. 6 ? Nido Petroleum Ltd. of Australia may develop the Yakal oil field even as abandonment procedures in the nearby Tindalo oil well in northwest Palawan continues.

In a disclosure to the Australian Stock Exchange, Nido said the company, along with its joint venture partners has reached a decision to call off the jack up-rig Aquamarine Driller following the abandonment of the Tindalo well.

"This decision is without prejudice to the possible development of the Yakal field, which is an option currently being considered by the service contract 54A joint venture partners," Nido said.

The Aquamarine Driller will be available for use by the SC 54A joint venture for a period of three months from the call off date.

?While the Tindalo test results have been disappointing, the joint venture will continue to assess its shallow water opportunities within its inboard (SC 54A) portfolio,? Nido president and CEO Jocot de Dios said.

Nido and its partners discovered oil at the Yakal-1 well in September 2008.

Exploratory drilling of the Yakal well started Sept. 8, 2008. Initial findings showed, after reaching the well?s total depth of 1,969.5 meters on Sept. 20, 2008, the presence of gas (methane to pentane) and oil in the drill cuttings recovered to the surface.

ISIS Petroleum Consultants Pty Ltd., an independent consultant, earlier reported that Yakal-1 has a potential of up to 10.7 million barrels with a 35 percent recovery factor.

Nido Petroleum is the operator of service contract 54A which covers the Tindalo and Yakal oil field.

The company has a 42.4 percent stake in SC 54 A while its joint venture partners are Kairiki Energy Ltd (30.1 percent), TG World Energy Corp. (12.5 percent) and Trafigura Ventures III B.V. (15.1 percent).