Nido, Dragon complete SC63 farm-out (Philippines)

Nido Petroleum Limited has informed that the first stage of the farm-out process with Dragon Oil Plc involving the transfer of a 40% Participating Interest in Service Contract 63, offshore the Philippines, has been approved by the Department of Energy.

Nido is now focusing on the second stage of the farm-out process, which subject to certain approvals being obtained, will see Nido re-acquire a net 10% Participating Interest from PNOC- EC bringing Nido’s interest to a 20% Participating Interest in Service Contract 63.

Preparations for the Baragatan-1 well are now reaching their final stages with drilling set to start in May on location in the Philippines. Nido said it would update the market as soon as the rig starts mobilisation from Singapore.