OFF SHORE OIL DRILLING AT THE PHILLIPINES

Nido, Kairiki in trading halt

The West Australian June 4, 2010, 11:41 am

Nido Petroleum is epxected to release positive results from its drill stem testing at Tindalo.BLOOMBERG NEWS / SUZANNE PLUNKETT ©

Nido Petroleum is expected to announce positive results from drill stem testing at its Tindalo-1 well off the coast of the Philippines.

Shares in the company, which operates the broader SC54A project and holds a 42.4 per cent stake, were placed in a trading halt along with those of 30.1 per cent joint venture partner Kaikiki Energy.

The balance of the project is held by commodities trader Trafigura (15 per cent) and TG World (12.5 per cent).

Late last month, Nido reported the first oil flows from Tindalo.

Shares in Nido were up one cent, or 5.41 per cent, to 19.5 cents before the trading halt was called while shares in Kaikiki Energy rose 0.5 cents, or 2.86 per cent, to 18 cents.
Sourced & published by Henry Sapiecha

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