http://online.wsj.com/article/BT-CO-20091116-703978.html
KUALA LUMPUR (Dow Jones)--Malaysian Merchant Marine Bhd. (7040.KU) said Monday it plans to take a 20% equity stake in the Tindalo oil field development project in the Philippines.
The Malaysian shipping firm said in a stock exchange filing it had been invited by Australia's Nido Petroleum Ltd. (NDO.AU), the major acreage concession holder in the Northwest Palawan Basin in the Philippines, to take a 20% stake in the project.
Nido discovered the oil field in Service Contract 54 Block A in Palawan Basin with oil reserves of up to 11 million barrels.
The field is Nido's second oil find in the Palawan Basin, Malaysian Merchant said, but didn't provide further details.
tindalo oil field stake
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