Thai BCP acquires interest in Nido

BCP Energy International has announced it will acquire over 400 million shares in oil and gas explorer Nido Petroleum from Abu Dhabi’s Petroleum International Investment Corporation (Ipic).

The purchase will cost $22.2 million, and comprise 19.66 per cent of Nido’s issued share capital.

It values Nido at 5.5 cents per share, a premium of more than 30 per cent over its current trading price.

BCP is a wholly owned subsidiary of Bangchak Petroleum, a Thai company listed on the Stock Exchange of Thailand, initially created by the Thai government to manage the Bangchak oil refinery.

Ipic is a government-controlled corporation that has previously taken a stake in Australian company Oil Search.

Nido has oil and gas producing assets off the coast of the Phillipines in the North West Palawan Basin and in the Penyu and West Natuna basins off Indonesia.

Nido was unchanged at 4.1 cents at the time of writing.