First oil strike for Philippines in 14 years

Australian independent Nido Petroleum and joint venture partner Kairiki Energy have shored up the presence of an oil column at the Yakal-1 well in the north-west Palawan basin off the Philippines.

This is the country’s first oil discovery in 14 years. Evaluation of wireline logs, pressure data and samples confirm an oil column to a minimum of 78 metres in height and maximum possible height of 93 metres in Service Contract 54. As well as the Yakal-1 and Tindalo-1, the next well on schedule, there are in excess of 20 additional prospects in the SC54 inboard area covered by 3D seismic data. Following the suspension of the Yakal-1 well for future re-entry, the WilBoss jack-up drilling rig will mobilize to the Tindalo-1 well site, about 5.5 kilometres to the north-east of Yakal-1, for the second well in the drilling campaign.
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