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Nido resumes drilling of new Galoc prospect

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Drillship “Deepsea Metro I” is sailing from Labuan, Malaysia to the Galoc well in northwest Palawan, Nido Petroleum Ltd. said Tuesday.

Nido disclosed the development with the Australia Securities Exchange on behalf the the Galoc joint venture, which plans to start drilling an appraisal well in service contract 14 within the month.

“Nido will update the market once the rig arrives on location at Galoc-7/7ST and commences operations which is expected to occur on March 31, 2017,” Nido managing director Mike Fischer said.

Nido unit Galoc Production Co. W.L.L. signed in January a binding rig contract with Golden Close Maritime Corp. Ltd. to tap “Deepsea Metro I” to drill the Galoc appraisal well.

Deepsea Metro I is a cutting edge drillship. The rig is capable of simultaneous, safe and efficient operations. It is capable of operating in water depths of up to 10,000 feet  and drill to a total depth of 40,000 feet.

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Nido and its joint venture partners in SC 14 plan to drill an appraisal well at the Galoc Mid Area in northwest Palawan in the first quarter.

Nido earlier said the Deepsea Metro I was under contract for approximately four to five weeks starting in March.

Fischer said the compahy looking forward to drilling operations in the Philippines “as we seek to unlock the potential for extending the field life of our cornerstone asset.”

Nido and joint venture partners approved in the fourth quarter last year the drilling of an appraisal well in the mid-Galoc area to confirm the viability of a potential phase three development.

Nido and partners are pursuing the appraisal well in preparation for the eventual depletion of the remaining reserves of Galoc field by 2019.

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