PERTH, Australia – Nido 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.