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Philippine DOE Extends Subphase 2b for SC 63 off Palawan Island

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Southeast Asia-focused oil and gas exploration company Nido Petroleum Limited (Nido or the Company) announced Wednesday that the Department of Energy (DOE) in the Philippines has formally confirmed its approval of the extension of the current Sub-phase for Service Contract (SC) 63 off Philippines' Palawan Island. Sub-phase 2b as extended will now expire Nov. 23, 2014.

The Company is continuing to progress preparations for the drilling campaign in relation to the Baragatan prospect and is currently finalizing negotiations with a rig contractor on behalf of the SC 63 Joint Venture.

Nido expects to drill the Baragatan prospect in the first half of the 2014.

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