Southeast Asia-focused Nido Petroleum announced Wednesday that the Philippines Department of Energy has formally confirmed its approval of the extension of the current Sub-phase for Service Contract (SC) 63 off Philippines’ Palawan Island.
Sub-phase 2b as extended will now expire Nov. 23, 2014.
Nido is continuing to progress preparations for the drilling campaign in relation to the Baragatan prospect and is currently finalizing negotiations with a rig contractor on behalf of the SC 63 Joint Venture.
The company has one of the largest acreage positions in the Philippine oil and gas sector. All of their exploration assets are located in the offshore NW Palawan Basin, which is considered the Philippines’ premier producing basin.
Nido expects to drill the Baragatan prospect in the first half of the 2014.