Shell Farms-In to Nido's Gindara Prospect

Nido has entered into an agreement with Shell Philippines Exploration to farm-out 27% of its 60% participating interest in Service Contract 54 Block B in the NW Palawan Basin, Philippines. Under the agreement, Shell will contribute 75% of the cost to drill the Gindara-1 exploratory well worth about US $24 million. Shell will also pay $2.5 million for seismic costs, and for its pro-rata share in the 2010 and 2011 work-program and budget. Exploratory drilling is expected to commence during the March to May 2011 window; and reportedly, the Frontier Phoenix drillship was identified for potential use on Gindara-1. Nido will remain as operator of the block, holding a 33% interest.

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