Nido Petroleum Limited (Nido or the Company) disclosed Thursday that the first stage of the farm-out process with Dragon Oil Plc involving the transfer of a 40 percent Participating Interest in Service Contract 63 in North West Palawan Basin offshore the Philippines has been approved by the Department of Energy.
Nido is now focusing on the second stage of the farm-out process, which subject to certain approvals being obtained, will see Nido re-acquire a net 10 percent Participating Interest from PNOCEC (PNOC Exploration Corp.) bringing Nido’s interest to a 20 percent Participating Interest in Service Contract 63.
Preparations for the Baragatan-1 well are now reaching their final stages with drilling set to commence in May on location in the Philippines. Nido will update the market as soon as the rig commences mobilization from Singapore.
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