SC54 Joint Venture Given Extension for Sub-Phase 6
Australia's Nido Petroleum Limited announced that its wholly owned subsidiary, Nido Petroleum Philippines Pty Ltd, has secured a 12 month extension of Sub-Phase 6 of Service Contract 54A, which is located offshore to the west of the Philippines, from the Philippines Department of Energy to allow the SC 54A Joint Venture further time to complete engineering and field development studies prior to making a decision to enter Sub-Phase 7.
The revised duration of Sub-Phase 6 and Sub-Phase 7 (including minimum work and financial obligations) following this 12-month extension are as follows:
- Sub-Phase 6 - Drill 1 Exploration Well
- Aug.5, 2010-Aug.4, 2015 $6 million (Work Already Completed)
- Sub-Phase 7 - Drill 1 Exploration Well
- Aug.5, 2014-Aug.4, 2015 $6 million
Commenting on the extension Philip Byrne, managing director stated: “We are pleased to obtain this extension of Sub-Phase 6 of SC 54A as it will allow the SC 54A Joint Venture partners further time to consider the available options in relation to the Service Contract prior to making a decision to commit to Sub-Phase 7. In the meantime Nido remains focused on the Galoc Phase II development, the Baragatan exploration well in SC 63 and the exciting program of activities involving 2 wells and an additional side track that is scheduled to commence in Indonesia in 4Q, 2013 with Lundin Petroleum.”
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