MANILA, Philippines - Nido Petroleum has terminated negotiations with Viking Energy Holdings to develop oil fields in Palawan covered by the Service Contract (SC) 54A.

SC 54A covers approximately 862 kilometers in the shallow water area portion of the service contract area including the Tindalo and Yakal oil discoveries.

“Nido Petroleum wishes to advise that it has ceased negotiations with Viking Energy Holdings 2 Ltd. in relation to a potential farm-in in respect of SC 54A,”said Nido Managing Director Phil Byrne. No other details were provided.

Nido, however, assured stakeholders that other SC54A joint-venture participants are continuing work with the SC 14A joint venture in relation to a possible development in the Nido oil field via the Nido A platform.

Earlier, the Department of Energy extended sub-phase 6 for 12 months from August 4, 2012, to August 4, 2013.
The extension will enable Nido to complete the ongoing 2D seismic processing projects over the Lawaan-Libas Prospects in SC 54A and the Pawikan Lead in SC 54B, and to fully integrate the results and implications of the new seismic data into the subsurface geological models and prospect maturation.