The Galoc joint venture has demobilized its drilling rig after completing the appraisal of the Galoc-7ST-1 well in northwest Palawan.
Nido Petroleum disclosed to the Australian Securities Exchange it completed the demobilization of the rig on May 2 and ended the joint venture contract with drillship DeepSea Metro 1.
Nido, which holds a 55.88-percent participating interest in Block C1 of service contract 14 through subsidiary Nido Production Co. and Galoc Production Co. LLC., said the drilling results from both the Galoc-7ST-1 well and Galoc-7 results were being reviewed.
“At this stage the Galoc-7ST-1 well results, in combination with the Galoc-7 results, are being evaluated by the company and the results of both wells will be incorporated in the relevant sub-surface models to assess the commerciality of potential phase III development,” Nido managing director Michael Fisher said.
Nido earlier said test results from the Galoc-7 well showed “inconclusive” results.