Nido Executes Second Stage of Farm-in Process for SC 63 in the Philippines

Nido Petroleum Limited (Nido or the Company) announced Monday that it has executed the second stage of the Service Contract (SC) 63 farm-in process with PNOC-EC. The terms of the farm-in, which is located in for SC 63 in North West Palawan Basin in the Philippines, with PNOC-EC are consistent with the original agreement with Dragon Oil plc.

Nido will now retain a net 20 percent Participating Interest in SC 63 and in exchange for the divestment of the Company’s net 30 percent interest Nido will only be required to contribute $2.0 million towards the cost of the Baragatan-1 well (based on the $25 million dry hole cost cap).

In addition Nido has received a net payment of approximately $1.63 million for past seismic costs through this 2 stage farm-in process.

Subject to DOE approval, the participating interests in the Service Contract will be as follows:

  • Dragon Oil (Philippines SC 63) Limited: 40 percent
  • PNOC-EC: 40 percent
  • Nido Petroleum Philippines Pty Ltd: 20 percent

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Pilot - Aviation
Expertise: Business Development|Helicopter Pilot / Operations
Location: Houston, TX
 
Business Development Manager
Expertise: Business Development|Sales|Structural Engineering
Location: Los Angeles, CA
 
Paralegal
Expertise: Legal
Location: Chesterfield, MO
 
search for more jobs

Brent Crude Oil : $55.23/BBL 0.46%
Light Crude Oil : $52.75/BBL 0.62%
Natural Gas : $3.24/MMBtu 1.25%
Updated in last 24 hours