Australia's Nido Petroleum Ltd. (NDO.AU) said Wednesday that it
has agreed with Shell Philippines Exploration B.V. for the Royal
Dutch Shell PLC (RDSA) unit to farm in to Service Contract 54 Block
B in the Palawan Basin in the Philippines.
Shell will acquire a 45% participating interest in the block
with Nido contributing 27% and partner Kairiki Energy Ltd. (KIK.AU)
18%, Nido said.
Nido will remain operator for the drilling of the Gindara-1
exploration well at the block, it said.
The transaction is subject to joint-venture approvals and
approval by the Philippines Department of Energy as well as other
conditions, Nido said.
The Gindara prospect is about 50 kilometers south of the
Shell-operated Malampaya gas field in Service Contract 38, the
largest discovery made in the Philippines to date, it said.
-By Singapore Resources Desk, Dow Jones Newswires;