Philippines DOE Approves PNOC-EC's Transfer of 10% Stake in SC 63 to Nido

Australia-based Nido Petroleum Limited (Nido or the Company) disclosed Thursday that approval has been received from the Philippines Department of Energy (DOE) for the transfer of 10 percent of PNOC-EC’s participating interest in Service Contract (SC) 63 offshore the Philippines to Nido.

The transfer is part of the two stage farm-in process related to the drilling of the Baragatan-1A exploration well in SC 63 drilled in 2014.

Participating Interests in the Service Contract are as follows:

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

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