Nido service contract extended in Baragatan prospect

Nido Petroleum Ltd. has secured a one-year extension from the Philippine Department of Energy to continue exploration work for Service Contract 63 in the Baragatan prospect off Philippines' Palawan Island.

Offshore staff

PERTH, AustraliaNido Petroleum Ltd. has secured a one-year extension from the Philippine Department of Energy (DOE) to continue exploration work for Service Contract 63 in the Baragatan prospect off Philippines' Palawan Island. Nido holds a 50% interest in SC 63; the remaining half is owned by PNOC Exploration Corp.

The DOE has confirmed its approval of the extension of the company’s current sub-phase. Sub-phase 2B, as extended, will now expire on Nov. 23, 2014.

Nido expects to drill the site in the first half of 2014, and is finishing negotiations with a rig contractor on behalf of the SC 63 joint venture. The Baragatan prospect has a projected oil-in-place of 676 MMbbl, with an upside potential of 977 MMbbl. Recoverable volume is placed at 115 MMbbl, with a ceiling of 166 MMbbl.

12/04/2013

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