Page 44
"Service Contract 58 (SC 58) (Operated by Nido Petroleum Philippines Pty Ltd)
Nido Petroleum Pty Ltd has provided a letter of undertaking dated 14 November 2006 to the Department of Energy
in the Philippines to provide technical and financial support to Nido Petroleum Philippines Pty Ltd in relation to work
obligations in the SC 58 Farm In Agreement executed between PNOC Exploration Corporation and Nido Petroleum
Philippines Pty Ltd on 17 July 2006.
SC 58 is under Force Majeure Suspension until 15 October 2022, and Nido Petroleum is not required to perform any
activity except for desktop exercises with a commitment budget of US$70,000 (2022). Furthermore, the Company
has applied for a further indefinite Force Majeure Suspension of the SC and suspension of all work programme and
budget activities “until such time as the issues surrounding the West Philippine Sea are resolved”.
There is a commitment to drilling a well when / if Force Majeure is lifted."
One of plenty of gems found in this Interim Report!
SC58 was talked about in the Good Oil conference...mmmmm verging on disingenuous considering they requested an indefinite Force Majeure!!!!!!!!!!!!!!!!
Ann: 2022 Interim Financial Report, page-2
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