Nido gets $22m injection

PHILIPPINES-focused explorer Nido Petroleum has placed almost $A22 million worth of shares to fast-track its planned seismic and exploration operations in the Palawan Basin.

The share placement, managed by Merrill Lynch, involved issuing 78.2 million ordinary shares at 28c each to sophisticated investors in Hong Kong, the UK and Australia.

“The strong interest from these investors and rapid subscription to the placement is evidence that the market is as eager as Nido is to realise the value of our exploration assets,” Nido managing director David Whitby said.

Nido said the funds would primarily be used to bring forward its seismic acquisition commitments in Service Contract 63; increase its seismic program in SC58 to define multiple leads and subsequently boost its drilling options; and start planning exploration drilling in SC 54 and 58.

Funds raised will also be used for development work and general working capital.

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