Nido Petroleum has launched a $US108 million ($130 million) bid for Otto Energy's share of the Galoc oil field, coming in ahead of a recent proposal by Risco Energy International.
Shares in Ausdrill and Nido Petroleum have entered a trading halt and suspension respectively; with Ausdrill stating it will announce an impairment charge.
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).
