PERTH, Australia, January 8 /PRNewswire/ --
Nido Petroleum Ltd (Nido) is pleased to announce the successful conclusion of the drilling phase of the Galoc development on 7 January 2008.
Phase 1 of the Galoc development drilling programme was designed to drill two horizontal production wells located to access the maximum producible oil volumes from the southern half of the field.
The drilling programme included a pilot hole to establish the optimum drilling location for the horizontal production sections. A total of 11,346 metres was drilled and a 5.5 inch predrilled liner was run on the Galoc 3 horizontal production section.
During the drilling of both Galoc 3 and 4, logging while drilling (LWD) logs were acquired. Initial petrophysical interpretation shows reservoir parameters as good as, or better than, anticipated in predevelopment studies.
Looking to the future, the drill ship 'Energy Searcher' will remain on location for a further three weeks to execute the completion programme. This involves the installation of the subsea trees, well control systems and the production tubing. Once this work is finalised, oil will be flowed to surface from both wells to prepare the wells and subsea trees for production to Galoc's FPSO, 'Rubicon Intrepid'.
At the end of the completion programme, the rig will then demobilise to Singapore and installation of the mooring and riser system will commence.
Nido's Deputy Managing Director, Ms. Joanne Williams said, "We are very pleased with the results of the Galoc drilling programme. To put it in perspective, the total production section that has been achieved is the equivalent of over two and half times the total length of the Sydney Harbour Bridge. This is certainly no mean feat, and I congratulate the operator, the Galoc Production Company, on their efforts and the excellent results."
Ms. Williams went on to say, "Looking forward, the next milestone in the development will be the well testing planned later this month. I look forward to flowing these wells for the first time and to the start of production in the next few months."
View the complete ASX announcement on the Nido website for further details, www.nido.com.au or contact the Perth office on +61-(8)-9474-0000.
For further information please contact: Sascha Stone PR Advisor Professional Marketing Services Tel: +61-8-9473-0546 Mob: +61417-174-072 Fax: +61-8-9473-0576 Email: firstname.lastname@example.org
Web site: http://www.nido.com.au
Sascha Stone, PR Advisor Professional Marketing Services, +61-8-9473-0546, Mob: +61417-174-072, Fax: +61-8-9473-0576, email@example.com