Nido Petroleum Philippines Pty Ltd, a subsidiary of Nido Petroleum Limited , and Total have executed a Joint Study and Bid Agreement (‘JSBA’) to evaluate exploration acreage released in the Philippines Energy Contracting Round No. 4 (‘PECR4’) by the Philippine Department of Energy (‘DOE’).
On behalf of partner Total, Nido will undertake technical and commercial evaluations of all fifteen blocks contained in the PECR4 acreage release.
Mr Jon Pattillo, Nido’s Head of Exploration commented, “We are very pleased to be partnering with Total for the PECR4 bid round and look forward to working with Total for this project. PECR4 is the first release of new acreage by the Philippines DOE for a number of years and offers a diverse range of exploration potential across multiple basins, providing Nido with the opportunity to potentially augment its exploration asset base within the Philippines.”
PECR4 is a competitive bid round with the submission of bids for the various blocks being offered due between April and July 2012. The award of blocks to the successful bidder is expected to be in the second half of 2012.
Offshore Energy Today Staff, December 22, 2011; Image: Nido Petroleum