Nido Petroleum Limited (Nido or the Company) reported Monday that, in accordance with the terms and conditions of the farm-in agreement with Lundin Baronang BV (Lundin), the Company has exercised its option to increase its participating interest in the Baronang Production Sharing Contract (Baronang PSC) in the Natuna Sea, Indonesia from a 10 percent participating interest to a 15 percent participating interest.
Nido further advises that Feb. 21 drilling at the Balqis-1 well location within the Baronang PSC reached the 13.375 inch casing point, at a depth of 2,519 feet (768 meters) Measured Depth (MD). Once casing is set, Lundin will drill ahead through the Arang Formation to the planned 9.625 inch casing setting depth at or around 4,734 feet (1,443 meters) MD.
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