Nido Farms Into Three Indonesian PSCs

Nido Petroleum has executed three separate Farm-in agreements with Lundin Petroleum to participate in the Gurita, Baronang and Cakalang PSCs located in the Penyu and West Natuna basins, offshore Indonesia.

As per the agreement, Nido will acquire a 10% interest in three Production Sharing Contracts (PSCs) off Indonesia from Sweden’s Lundin Petroleum.

The plan is to drill two exploration wells plus a side-track in the fourth quarter of 2013. Nido has the right to increase its participation interest in each of the three PSCs, up to a maximum of 20%, prior to the commencement of the drilling campaign.