Nido to participate in a drilling program in Q4

By Peni Pedriawan

ASX-listed firm Nido Petroleum Limited said on Monday that after a recent purchase of 10 percent participating interest in 3 PSCs in the Penyu and West Natuna basins, it will participate in a drilling work program involving 2 wells and an additional side track scheduled to commence in the fourth quarter.

It announced the work program in a filing, but did not mention on which PSCs the program will take place.

Previously, Nido has said that it had executed three separate farm-in Agreements with Lundin Petroleum B.V. to participate in the Gurita, Baronang and Cakalang PSCs, offshore Riau Islands province.

Nido acquired a 10 stake in each of the blocks and also has the right to increase its stake up to 20 percent in each PSC.

Editing by Dadan Wijaksana