Nido eyes control of Baronang and Cakalang PSC
Friday, October 17 2014 - 09:00 AM WIB
Australian firm Nido Petroleum announced on Friday it intends to take over the intrest of its partner, Swedish firm Lundin Petroleum, in Baronang and Cakalang PSC, both in Natuna Sea and become the operator of both blocks.
Lundin through its subsidiary Lundin Baronang BV (Lundin) has indicated that it intends to withdraw from the Baronang PSC at the expiration of the current work period which expires on 13 November 2014.
?Following a technical and commercial review of the Baronang PSC, Nido intends to retain the PSC on a 100% basis and is in discussions with the Indonesian authorities in order to progress the transfer of operatorship from Lundin to Nido,? Nido said.
Lundin through Lundin Cakalang BV (Lundin) has also indicated that it intends to withdraw from the Cakalang PSC at the expiration of the current work period which expires on 13 November 2014.
?Following a technical and commercial review of the Cakalang PSC, Nido intends to retain the PSC on a 100% basis and is in discussions with the Indonesian authorities in order to progress the transfer of operatorship from Lundin to Nido,? Nido said.
Lundin operates Baronang and Cakalang with 85% and 90% interest, respectively. The balance is held by Nido.
Editing by Johannes Simbolon