Nido Terminates SPAs with Colossal for Upstream Assets in the Philippines
Nido Petroleum Limited (Nido or the Company) announced Friday that the Sale and Purchase Agreements entered into between Nido and a Philippine-incorporated resources focused firm Colossal Petroleum Corporation with respect to the Company’s participating interests in Service Contract 54A and Block A, Block B, Block B Retention and Block D Retention of Service Contract 14 offshore Philippines have been terminated due to the failure of the parties to secure relevant Joint Venture and Government approvals.
Nido will therefore retain its interests in these Service Contracts and will provide further updates to the market if there are any material developments.
WHAT DO YOU THINK?
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.
- Philippines' Galoc Phase 3 Oil Field Development Plan for Start-up in 2019 (Aug 17)
- Partners Nearer to Further Development of Galoc Oil Field Offshore Palawan (Jul 14)
- Otto Energy Completes Sale of Galoc Production Co. Stake to Nido for $106M (Feb 17)