RE:RE:RE:RE:RE:RE:RE:Range to Drill Niko's T&T Guayaguayare within next 2 monthsMore..... from RNS dated Dec2013. It was supposed to spud early 2014, now it is push back to early 2015. Question: Does NKO still owns 50% interest?
Outside of India and Bangladesh, the Company executed a farm-out agreement in December with Range Resources Limited
for 50 percent of the Company’s interests in the Guayaguayare Shallow and Deep PSCs in Trinidad, which is subject to
government approval. Range is expected to earn its interest by funding two onshore commitment wells and a potential
appraisal well at its sole expense, and will share the cost of drilling an offshore commitment well equally with Niko. The
first onshore well is targeted to spud in early 2014. This farm-out is the part of the Company’s strategy to maintain
optionality in its exploration portfolio by farming out portions of its interests in many of its exploration PSCs and
rescheduling its exploration commitments. Over the next few years, the Company plans to restrict its exploration
expenditures, net of proceeds of farm-outs and other arrangements, to less than $35 million per year.