Nido Petroleum Limited has informed that the Philippines Department of Energy (‘DOE’) has formally confirmed its approval of the extension of the current Sub-phase at the SC63 block, offshore Palawan.
Sub-phase 2b as extended will now expire on 23 November 2014. “The Company is continuing to progress preparations for the drilling campaign in relation to the Baragatan prospect and is currently finalising negotiations with a rig contractor on behalf of the SC 63 Joint Venture,” Nido said in a press release.
Nido expects to drill the Baragatan prospect in the first half of the 2014.
Nido has one of the largest acreage positions in the Philippine oil and gas sector. All of the Company’s exploration assets are located in the offshore NW Palawan Basin, which is considered the Philippines’ premier producing basin. Nido is currently undertaking exploration activities in SC 54 Block A and SC 54 Block B, SC 58 and SC 63.
[mappress] December 04, 2013