Nido Acquires Participating Interest in SC 63

Nido Petroleum Limited 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% and Nido Petroleum Philippines Pty Ltd 20%.

Press Release, May 19, 2014

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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