Nido scraps Viking farm-out deal

No deal: Nido Petroleum said ceases negotiations for a potential farm-out of three oilfields off the Philippines

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Danica Newnham

 04 March 2013 03:34 GMT

Australia-listed Nido Petroleum said it has terminated a potential farm-out deal with Viking Energy Holdings for its Yakal, Tindalo and Nido 1X1 oilfields off the Philippines.

The company did not give a reason for the termination, just stating that the pair had ceased negotiations.

Nido and Viking signed a memorandum of agreement at the beginning of last year to develop the three offshore oilfields in Service Contract 54A.

Under the deal, the existing block partners were to collectively assign Viking a 60% stake in exchange for the company assuming operatorship and paying for all the financing for the three fields until first oil.

Nido said on Monday that the SC 54A joint venture was continuing to work with the SC…

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