Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/nido-petroleum-secures-20-participating-interest-i.shtmlNido Petroleum secures 20% 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
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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.
