Nido Petroleum Limited (Nido or the Company) disclosed Monday that the Joint Venture in Service Contract (SC) 63, located off Philippines' Palawan Island, is awaiting approval of a 12 month extension from the Department of Energy (DOE) for the current sub-phase. Sub-phase 2b once extended will expire on Nov. 23, 2014.
The Department has assured PNOC Exploration Corporation that the Joint Venture can continue with its preparations for the SC 63 well while the requested extension is being processed. Nido will update the market as soon as the extension is granted.
Nido expects to drill the Baragatan prospect in the first half of 2014 and drilling preparations are progressing well. Nido is currently negotiating a binding rig contract with a preferred contractor having recently signed a Letter of Intent. Several orders have also been placed for equipment in addition to the inventory held by the Joint Venture (well heads and casing). Nido is also in the process of renewing and/or extending a number of existing contracts.
Nido looks forward to working closely with PNOC-EC as the drilling operations gather momentum.
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