related party news release...

The following article relates to one of NDO's partners on Galoc, Nido, Matinloc, etc...in fact Basic Petroleum (Basic Consolidated) is a partner to most of Nido's permits.

It may amount to nothing, but as it is publicly available information, I though I might post it here.

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Basic Consolidated ties up with Thai firm for RP oil search proj
By Zinnia B. Dela Peña
The Philippine Star 10/19/2004

Oil holding firm Basic Consolidated Industries Inc. has inked an agreement with Bangkok based-S.F. Pass International Co. Ltd. to jointly undertake oil exploration and development activities in the Philippines.

Basic vice-president and corporate secretary Carlos Rosales said the agreement also calls for both companies to look for other countries wherein they could invest or acquire participating interest.

Both parties may also invest, acquire participating interest or enter into a joint venture agreement with another legal entity.

Under the agreement, both parties may hire the services of technical people necessary to undertake the due diligence and to study the flexibility and viability of any such project.

After three decades of oil exploration, Basic became an investment holding company in 1997 and diversified into a group of wholly-owned companies, namely: Basic Petroleum & Minerals Inc. (BPMI), Basic Diversified Industrial Holdings Inc. (BDIH), Basic Consolidated Land Inc. (BCLI) and Basic Consolidated International Inc. (BCII)

Together with other participants, Basic was a party to service contract (SC) 14 with the Philippine government, through the Department of Energy, for the exploration, development and exploitation of contract areas situated in offshore Northwest Palawan where oil discoveries were made.

In 1998, Basic transferred its interest in SC 14 to BPMI where the latter derives its revenues from. The non-oil investments are handled by BDIH. These include petrochemicals, power generation, industrial gases, water distribution and crystals manufacturing.

Basic is a party to nine other SCs and Geophysical Survey and Exploration Contracts (GSECs) in Palawan, Mindoro, Central and Southern Luzon and the Sulu Sea.

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Pretty uneventful trading in NDO at the moment...but at least it should shake out the last of the remaining traders.

Cheers!