Nido Sheds Non-Core Assets Offshore Philippines

Nido Petroleum Limited has sold its non-core assets in the Philippines to Colossal Petroleum Corporation.

 

Miro Advisors assisted the company with the sale process. Nido has signed sales agreements in relation to its participating interests in Block A, Block B, Block B Retention and Block D Retention of Service Contract 14 together with its participating interest in Service Contract 54A. Under the terms of the agreements, Nido will receive a cash sum of AUD $3 million in consideration for the divestment of the assets, and Colossal Petroleum Corporation will assume all of Nido’s share of oil producing wells, infrastructure and oil field platforms as well as the liabilities in the relevant blocks within Service Contract 14. The agreements remain subject to relevant Joint Venture and Government approvals.

Commenting on the transaction Phil Byrne, Managing Director, said:

“This transaction is part of our stated strategy to divest and realise value for our non-core assets and the sale price reflects a fair market value for these assets. The successful conclusion of the sale will allow management to focus on the development of our key assets while the funds obtained will be applied towards Nido’s forward work programme. We have an exciting and busy time ahead with four exploration wells to be drilled in the next 12 months and our focus remains on creating value for shareholders via a managed and disciplined approach.”

October 25, 2013

 

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply