This article is 22 years old. Images might not display.
The large American-based Unocal announced a farm in deal in November, and hopes to verify the commerciality of the field.
The Galoc field flowed more than 360,000 barrels (bbls) when put on an extended production test in 1981.
Nido is offering shareholders three options for share at 0.4 cents per option, which expires 30 June 2005 or 60 days after Nido announces it will participate in Phase two of the Galoc development studies. The issue will raise around $350,000 before expenses.
