Kairiki Energy Limited (ASX:KIK) (PINK:KAIRF) is pleased to announce SC 54A Tindalo Operations Update.
Kairiki Energy Limited
SC 54A measures 862 km2 and contains the Tindalo, Yakal, Nido 1X1 and Signal Head oil discoveries as well as a substantial portfolio of similar low-risk reefal prospects. In December 2009, Kairiki announced that the SC 54A Joint Venture had approved the development of the Tindalo field. The Tindalo development utilises a jack-up rig and a dynamically positioned storage vessel. Following a short project execution period, the Tindalo development tested oil at 18,689 bbls/d at the end of May 2010. Since that time, unexpected early water ingress to the well has resulted in the SC 54A Joint Venture preparing for a well re-entry and remediation programme to reduce or eliminate the water production. Based on a successful development at Tindalo a number of follow-up developments may be considered in SC 54A.
SC 54B measures 3184 km2 and contains the Gindara prospect which has a mean unrisked oil in place volume estimated by the Operator, of 634 million barrels. The Gindara prospect is a very large simple four-way closure at the Top Nido Limestone reservoir objective with an areal extent of 28 km2, a vertical closure of over 300m and is well located to receive hydrocarbon charge from the Palawan Trough. Kairiki is seeking to farm down its interest in SC 54B to accelerate drilling of the Gindara prospect.
Kairiki Energy Limited (ASX:KIK) (PINK:KAIRF) are very pleased to announce the appointment of Mr John Morton as a non-executive Director with effect from 25 August 2010.
Kairiki Energy Limited (ASX:KIK) (PINK:KAIRF) has been advised by Nido Petroleum Limited (ASX:NDO) of the update on the Extended Well Testing (EWT) at Tindalo.
Kairiki Energy Limited (ASX:KIK) (PINK:KAIRF) is pleased to announce that it has received firm commitments for a capital raising of A$6,538,000 by the placement of 46,700,000 ordinary fully paid shares (Shares) at an issue price of 14 cents per Share. The placement has been arranged by Southern Cross Equities Limited to professional and sophisticated investors pursuant to section 708 of the Corporations Act.
Kairiki Energy Limited (ASX:KIK) (PINK:KAIRF) has been advised by Nido Petroleum Limited (ASX:NDO), the Operator of SC54A, of the following production information relating to the Tindalo-1 Extended Well Test (EWT) for the period through to 14th June 2010.
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The Australian shares opened higher despite Wall Street overnight hit its lowest close in seven months. Both S&P/ASX200 index and All Ordinaries index rose more than 0.5 per cent in early trade, after European finance ministers have agreed a 440 billion euro safety net for debt-laden countries in the eurozone.
Kairiki Energy Limited (ASX:KIK) has been advised by Nido Petroleum Limited (ASX:NDO), the Operator of SC54A, that an extensive drill-stem testing programme (DST) has now been completed on the Tindalo-1 well with a maximum oil flow rate measured of 18,689 bbls/d, surpassing Kairiki's pre-test flow rate expectations.
Kairiki Energy Limited (ASX:KIK) (PINK:KAIRF) is pleased to announce that Nido Petroleum Limited (ASX: NDO), as Operator of Service Contract 54A (SC 54A), advise that first oil flowed to surface at 11:00am (Manila time) on 30 May 2010 from the Tindalo-1 well.
Kairiki Energy Limited (ASX:KIK) Quarterly Report Highlights include, SC 54 Joint Venture progresses Tindalo project with all major contracts in place and targeting first oil in May 2010, Kairiki farms-down 4.9% interest in SC 54A to TG World Corp to retain a 30.1% interest in SC54A and Cash On Hand at 31 March 2010 - A$7.2m
ABN Newswire stocks to watch today include: Iron Road Limited (ASX:IRD), Galaxy Resources Limited (ASX:GXY) (PINK:GALXF), AusTex Oil Limited (ASX:AOK), Beach Energy Limited (ASX:BPT) (PINK:BEPTF), Kairiki Energy Limited (ASX:KIK) (PINK:KAIRF), Magnetic Resources NL (ASX:MAU) and Pluton Resources Limited (ASX:PLV).