Sydney-based Novus Petroleum has sold its 53.9% stake in Nido Petroleum for $1.5 million. Brokerage house Patterson Ord Minnet sold 106 million Nido shares at 1.4c each. Novus shares fell 3c to $2.01 after the announcement.
The deal also resulted in a boardroom shuffle with Novus MD, Bob Williams and fellow director, Graham Monk, resigning from Nido Petroleum with former director Mr Charles Morgan and Perth lawyer, Mr Jeremy Shervington, becoming board members. Mr Peter Henderson will continue on as a director of Nido Petroleum.
In other Novus news, the company saw its position as a major holder of acreage in Oman after its application for Block 31, which contains 2.1 million acres was approved by Oman authorities.
Novus said its initial work commitment in the block would include geological mapping as well as seismic reprocessing and acquisition. A well may be drilled depending upon the results of these studies.
