Australia's Sacgasco jumps on oil field development deal in Philippines

Australian Oil

04/03/2022 03:13

** Shares of Sacgasco Ltd  SGC.AX  rise as much as 16.7% to
A$0.035, hitting highest since Nov. 18
    ** Oil and gas explorer says unit Nido Petroleum Philippines
has entered a farm-in deal with the Service Contract 6B (SC 6B)
Joint Venture  urn:newsml:reuters.com:*:nFWN2V62N2
    ** Says under deal, Nido will fund and operate an Extended
Well Test (EWT) and subsequent development of the Cadlao Oil
Field in offshore Northwest Palawan, Philippines
    ** Co says farm-in deal is designed to increase its exposure
to cashflow from the development of the proven oil within the
field
    ** SGC up 15.4% YTD, as of last close 
    


 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))