Nido Petroleum Limited provide the following update on the upcoming Indonesian drilling campaign in the Baronang and Gurita PSC's operated by Lundin Petroleum ('Lundin') on behalf of the respective PSC joint venture partners.

Government Approval of Transfer of PSC interests

Nido has received government approval from MIGAS of the transfer of the 10% participating interest in each of the Baronang, Gurita and Cakalang PSCs.

Drilling Timetable

Lundin has advised that the JDC owned Hakuryu 11 jack-up rig is expected to be released to the Lundin operated Joint Venture for the drilling program in the Baronang and Gurita PSC's, Republic of Indonesia during November 2013.

The rig has been made available through a long-term rig-share agreement between Premier Oil and Lundin Petroleum. Under the terms of this agreement, Lundin has secured the first wells on the rig-share drilling sequence, with a further two options slots available to Lundin/Nido in 2014/15.

Tags: Nido Petroleum Limited