Nido Petroleum Limited wishes to advise that drilling at the Balqis-1 well location within the Baronang Production Sharing Contract, Republic of Indonesia, reached Total Depth at 2,109.2 metres Measured Depth (MD) in the Basement as per the drilling program.

Following completion of TD logging on 4 March 2014, preliminary evaluation of the logs indicates the objective Oligocene-aged Upper and Lower Gabus Formation sandstones are water bearing. Minor gas shows (C1 to C3) were encountered whilst drilling through the Upper and Lower Gabus Formation sandstones, which were well developed and of good reservoir quality.

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