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Nido increases participating interest to 15% in the Baronang PSC


Published Feb 25, 2014
Nido Petroleum Limited

Nido Petroleum Limited advise that, in accordance with the terms and conditions of the farm-in agreement with Lundin Baronang BV (Lundin), the Company has exercised its option to increase its participating interest in the Baronang Production Sharing Contract ('Baronang PSC') from a 10% participating interest to a 15% participating interest.

Nido further advises that on 21 February 2014 drilling at the Balqis-1 well location within the Baronang PSC reached the 13 3/8' casing point, at a depth of 768 metres Measured Depth (MD). Once casing is set, Lundin will drill ahead through the Arang Formation to the planned 9 5/8' casing setting depth at or around 1,443 metres MD.

Tags: Nido Petroleum Limited




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