Under the acquisition plan Nido’s partner Stelinmatvic Industries has been offered blocks 48/1a and 48/2b with Nido given the option to acquire 100% of these blocks in consideration for Stelinmatvic being granted a 2% royalty and a payment.
“The license contains a well that previously flowed two MMcfd of gas on test while Stelinmatvic has done preliminary work to suggest that the well is on a substantial structure,” said Nido.
Corsair Petroleum has been offered block 47/9c with Nido has an option to acquire a 50% interest in this block in consideration for a payment and a part carry through the work program. This block also has a well with gas in it.
“The North Sea provides an exciting opportunity for smaller oil companies having proved itself as a prolific hydrocarbon basin with excellent fiscal terms and many undeveloped discoveries,” said Nido.
The work program for both blocks is to acquire 3D seismic. Using this data Nido and its partners will to assess the potential commerciality of the gas already found on the blocks.
News of the license acquisitions sparked a surge of interest in Nido on the ASX with over 104 million shares changing hands, forcing the stock price up 50% to 3.3 cents at the time of press.
