Nido Petroleum Limited (Nido or the Company) reported Wednesday that the company has been advised by Operator Lundin Petroleum that the Hakuryu-11 (425' ILC) jackup is currently in Vietnam awaiting an appropriate weather window for mobilization to the Republic of Indonesia.
Nido will provide a further update to the market on the commencement of mobilization of the jackup for the Balqis-1 well which is located in the Baronang Production Sharing Contract (PSC). The Balqis-1 well will be followed by the Boni-1 well in the same PSC which will be drilled as an exploratory side-track well from the same surface location as Balqis-1.
Nido is also pleased to advise that the Company has secured an extension of time within which it can elect to increase its equity in each of the Baronang, Cakalang and Gurita Production Sharing Contracts. The Company can now exercise its option to increase its equity at any time no later than on completion of the running of the 13.375 inch casing point for the first well to be drilled in each of the Contract Areas.
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