Nido Petroleum Limited has annonuced that its wholly owned subsidiary, Nido Petroleum Philippines Pty Ltd, has secured a 6 month extension from its Joint Venture partner in Service Contract 58, PNOC Exploration Corporation, to defer the ‘election to drill date’ under its farmin agreement from 30 June 2013 to 11 January 2014.
Some Facts about Service Contract 58
Service Contract 58 is a large deep water block of approximately 1,349,000 hectares that lies immediately outboard of the giant Malampaya gas field. Water depths are in excess of 1,000 metres over most of the block and no wells have been drilled to date. Nido operates the Service Contract with a 50% participating interest**. The remaining 50% is held by PNOC Exploration Corporation.
**Nido’s interest is conditional upon drilling an exploration well pursuant to the terms of its farm‐in agreement with PNOC Exploration Corporation.