Nido, Kairiki oil well hopes dashed
Hopes for a large oil discovery in the Philippines by Nido Petroleum and Kairiki Energy have been dashed after the Gindara-1 exploration well found water instead of oil or gas in the main target section.
Optimism about a positive result at the well in the North Palawan Basin had been running high, particularly after Royal Dutch Shell decided in January to partner in the drilling in the SC 54B licence, taking the bulk of the cost burden away from the two Australian junior explorers.
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