vitol to invest in more blocks in philippines

The following article is just 1 hour old.

Note:Nido is not currently involved in 6A.

6A is however surrounded by blocks currently farmed in by Nido. That is, Galoc, West Linapacan, Bonita etc.

Also, Philodrill is a member of the Galoc and West Linapacan consortium. So I wonder who introduced Vitol to Philodrill. I also now wonder if Vitol will underwrite any of the other Nido projects. Very good chance.

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AFX News Limited
Philippines' Octon oil and gas field draws interest from Vitol Group
10.07.2005, 06:23 AM

MANILA (AFX) - Vitol Group, with bases in Rotterdam and Geneva, has expressed strong interest in the Octon oil and gas field off the western Philippine island of Palawan, said Philodrill Corp, lead operator of the Octon block under Service Contract 6A.

Vitol has submitted the preliminary terms of an offer to invest in the Octon block to the Philodrill-led consortium, Philodrill told the stock exchange.

'Vitol's preliminary terms are presently being evaluated by the Service Ccontract 6A consortium members. Subject to negotiations, we hope to reach that stage of eventually finalizing an agreement with Vitol in the near future,' Philodrill said.

Philodrill did not disclose the preliminary terms offered by Vitol.

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edc/jm