Nido Petroleum says that the first stage of the farm-out process with Dragon Oil for a 40% stake in Service Contract 63 (SC 63) in the Philippines has been approved by the Department of Energy. Nido is now focusing on the second stage of the farm-out process, which subject to certain approvals being obtained, will see Nido re-acquire a net 10% stake from state-owned PNOCEC, bringing Nido’s interest to 20% in SC 63.
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