{"id":209,"date":"2009-03-20T21:32:22","date_gmt":"2009-03-20T11:32:22","guid":{"rendered":"http:\/\/www.philippinesentinel.org\/?p=209"},"modified":"2009-03-20T21:32:22","modified_gmt":"2009-03-20T11:32:22","slug":"nido-petroleum-discovers-oil-and-gas-northwest-of-palawan","status":"publish","type":"post","link":"https:\/\/www.philippinesentinel.org\/?p=209","title":{"rendered":"Nido Petroleum discovers oil and gas northwest of Palawan"},"content":{"rendered":"<p><meta http-equiv=\"Content-Type\" content=\"text\/html; charset=utf-8\" \/><meta name=\"ProgId\" content=\"Word.Document\" \/><meta name=\"Generator\" content=\"Microsoft Word 11\" \/><meta name=\"Originator\" content=\"Microsoft Word 11\" \/>\n<link href=\"file:\/\/\/C:%5CDOCUME%7E1%5Cdino%5CLOCALS%7E1%5CTemp%5Cmsohtml1%5C01%5Cclip_filelist.xml\" rel=\"File-List\" \/>\n<link href=\"file:\/\/\/C:%5CDOCUME%7E1%5Cdino%5CLOCALS%7E1%5CTemp%5Cmsohtml1%5C01%5Cclip_editdata.mso\" rel=\"Edit-Time-Data\" \/><!--[if !mso]> \n\n<style> v\\:* {behavior:url(#default#VML);} o\\:* {behavior:url(#default#VML);} w\\:* {behavior:url(#default#VML);} .shape {behavior:url(#default#VML);} <\/style>\n\n <![endif]--><o:smarttagtype namespaceuri=\"urn:schemas-microsoft-com:office:smarttags\" name=\"country-region\" downloadurl=\"http:\/\/www.5iantlavalamp.com\/\"><\/o:smarttagtype><o:smarttagtype namespaceuri=\"urn:schemas-microsoft-com:office:smarttags\" name=\"place\" downloadurl=\"http:\/\/www.5iantlavalamp.com\/\"><\/o:smarttagtype><!--[if gte mso 9]><xml>  <w:WordDocument>   <w:View>Normal<\/w:View>   <w:Zoom>0<\/w:Zoom>   <w:PunctuationKerning\/>   <w:ValidateAgainstSchemas\/>   <w:SaveIfXMLInvalid>false<\/w:SaveIfXMLInvalid>   <w:IgnoreMixedContent>false<\/w:IgnoreMixedContent>   <w:AlwaysShowPlaceholderText>false<\/w:AlwaysShowPlaceholderText>   <w:Compatibility>    <w:BreakWrappedTables\/>    <w:SnapToGridInCell\/>    <w:WrapTextWithPunct\/>    <w:UseAsianBreakRules\/>    <w:DontGrowAutofit\/>   <\/w:Compatibility>   <w:BrowserLevel>MicrosoftInternetExplorer4<\/w:BrowserLevel>  <\/w:WordDocument> <\/xml><![endif]--><!--[if gte mso 9]><xml>  <w:LatentStyles DefLockedState=\"false\" LatentStyleCount=\"156\">  <\/w:LatentStyles> <\/xml><![endif]--><!--[if !mso]><object  classid=\"clsid:38481807-CA0E-42D2-BF39-B33AF135CC4D\" id=ieooui><\/object> \n\n<style> st1\\:*{behavior:url(#ieooui) } <\/style>\n\n <![endif]--><\/p>\n<style> <!--  \/* Font Definitions *\/  @font-face \t{font-family:\"Arial Narrow\"; 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\tmso-tstyle-colband-size:0; \tmso-style-noshow:yes; \tmso-style-parent:\"\"; \tmso-padding-alt:0cm 5.4pt 0cm 5.4pt; \tmso-para-margin:0cm; \tmso-para-margin-bottom:.0001pt; \tmso-pagination:widow-orphan; \tfont-size:10.0pt; \tfont-family:\"Times New Roman\"; \tmso-ansi-language:#0400; \tmso-fareast-language:#0400; \tmso-bidi-language:#0400;} <\/style>\n\n <![endif]--><!--[if gte mso 9]><xml>  <o:shapedefaults v:ext=\"edit\" spidmax=\"1027\"\/> <\/xml><![endif]--><!--[if gte mso 9]><xml>  <o:shapelayout v:ext=\"edit\">   <o:idmap v:ext=\"edit\" data=\"1\"\/>  <\/o:shapelayout><\/xml><![endif]--><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 10pt; font-family: 'Arial Narrow'\">The consortium headed by the Australian-based Nido Petroleum Philippines Ltd., has discovered oil in the Yakal-1 Well, in the <st1:place w:st=\"on\">Northwest Palawan<\/st1:place> basin.<o:p><\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 3pt; font-family: 'Arial Narrow'\"><o:p>\u00a0<\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 10pt; font-family: 'Arial Narrow'\">Energy Secretary Angelo Reyes made the announcement but he stressed that there are no other details yet since Nido Petroleum <st1:place w:st=\"on\"><st1:country-region w:st=\"on\">Philippines<\/st1:country-region><\/st1:place> and its partner Yilgarn Petroleum Philippines Ltd., are still completing their drilling operations.<o:p><\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><!--[if gte vml 1]><v:shapetype  id=\"_x0000_t75\" coordsize=\"21600,21600\" o:spt=\"75\" o:preferrelative=\"t\"  path=\"m@4@5l@4@11@9@11@9@5xe\" filled=\"f\" stroked=\"f\">  <v:stroke joinstyle=\"miter\"\/>  <v:formulas>   <v:f eqn=\"if lineDrawn pixelLineWidth 0\"\/>   <v:f eqn=\"sum @0 1 0\"\/>   <v:f eqn=\"sum 0 0 @1\"\/>   <v:f eqn=\"prod @2 1 2\"\/>   <v:f eqn=\"prod @3 21600 pixelWidth\"\/>   <v:f eqn=\"prod @3 21600 pixelHeight\"\/>   <v:f eqn=\"sum @0 0 1\"\/>   <v:f eqn=\"prod @6 1 2\"\/>   <v:f eqn=\"prod @7 21600 pixelWidth\"\/>   <v:f eqn=\"sum @8 21600 0\"\/>   <v:f eqn=\"prod @7 21600 pixelHeight\"\/>   <v:f eqn=\"sum @10 21600 0\"\/>  <\/v:formulas>  <v:path o:extrusionok=\"f\" gradientshapeok=\"t\" o:connecttype=\"rect\"\/>  <o:lock v:ext=\"edit\" aspectratio=\"t\"\/> <\/v:shapetype><v:shape id=\"_x0000_s1026\" type=\"#_x0000_t75\" style='position:absolute; 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text-align: justify\"><span style=\"font-size: 10pt; font-family: 'Arial Narrow'\">Moreover, Reyes said that geological data gathered from the underlying limestone reservoir also confirmed the presence of an oil column of about 66 meters in the Nido reservoir from the depths of 1,733 to 1,839 meters.<o:p><\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 3pt; font-family: 'Arial Narrow'\"><o:p>\u00a0<\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 10pt; font-family: 'Arial Narrow'\">\u201cThe consortium is still evaluating the oil bearing section to determine the extent of the oil column below 1,839 meters,\u201d he added.<o:p><\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 3pt; font-family: 'Arial Narrow'\"><o:p>\u00a0<\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 10pt; font-family: 'Arial Narrow'\">However, Reyes said after the evaluation expected to be completed this week, Nido and Yilgarn will stop their operations in the Yakal-1 Well and move the rig to a new drilling site-to be called the Tindalo-1, located about 5 kilometers northwest of Yakal-1.<o:p><\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 3pt; font-family: 'Arial Narrow'\"><o:p>\u00a0<\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 10pt; font-family: 'Arial Narrow'\">SC54 is located adjacent to the southern end of Nido&#8217;s existing SC14 and SC6B licenses and is on trend with Shell&#8217;s 600 million BOE Malampaya producing gas field. It covers some 537,616 hectares in this proven hydrocarbon basin.<o:p><\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 3pt; font-family: 'Arial Narrow'\"><o:p>\u00a0<\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 10pt; font-family: 'Arial Narrow'\">In March 2006, Nido accepted a farm-in offer from Perth-based Yilgarn Gold Limited (Yilgarn) to farm in to the SC54 acreage.<o:p><\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 3pt; font-family: 'Arial Narrow'\"><o:p>\u00a0<\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 10pt; font-family: 'Arial Narrow'\">Under the farm-in terms, Yilgarn will earn a total 40-percent working interest in the SC54 contract area upon the completion of two stages.<o:p><\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 3pt; font-family: 'Arial Narrow'\"><o:p>\u00a0<\/o:p><\/span><\/p>\n<p style=\"margin: 0cm 0cm 0.0001pt; text-align: justify\"><span style=\"font-size: 10pt; font-family: 'Arial Narrow'\">Following the technical evaluation of the seismic data, Yilgarn is required to fund the drilling of a well on a 2:1 promote basis as the second stage to earn its 40-percent working interest. This is based on estimated costs of US$ 15 million for the well. (PNA) \u2013 ?<o:p><\/o:p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The consortium headed by the Australian-based Nido Petroleum Philippines Ltd., has discovered oil in the Yakal-1 Well, in the Northwest Palawan basin. \u00a0 Energy Secretary Angelo Reyes made the announcement but he stressed that there are no other details yet since Nido Petroleum Philippines and its partner Yilgarn Petroleum Philippines Ltd., are still completing their [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[49],"tags":[],"_links":{"self":[{"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/posts\/209"}],"collection":[{"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=209"}],"version-history":[{"count":0,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/posts\/209\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}