Nido Petroleum secures 20% participating interest in SC 63

Nido Petroleum Limited (ASX: NDO) advise that it has executed the second stage of the SC 63 farm-in process with PNOC-EC. The terms of the farm-in with PNOC-EC are consistent with the original agreement with Dragon Oil PLc.

Nido will now retain a net 20% Participating Interest in SC 63 and in exchange for the divestment of the Company’s net 30% interest Nido will only be required to contribute $US 2.0 million towards the cost of the Baragatan-1 well (based on the $US 25 million dry hole cost cap).

In addition Nido has received a net payment of approximately US$1.63M for past seismic costs through this 2 stage farm-in process.

Subject to DOE approval, the participating interests in the Service Contract will be as follows:


  • Dragon Oil (Philippines SC 63) Limited: 40%
  • PNOC-EC: 40%
  • Nido Petroleum Philippines Pty Ltd: 20%