TSXV:ART.H - Post by User
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rustadson Sep 02, 2009 11:42am
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Post# 16270908
re:foxtec1 BIG NEWS
re:foxtec1 BIG NEWSNiko Resources to acquire 37% interest in Qara Dagh PSC
2009-09-02 09:35 ET - News Release
Mr. Edward Sampson reports
NIKO RESOURCES ACQUIRES ADDITIONAL 10% INTEREST IN QARA DAGH PRODUCTION SHARING CONTRACT
Niko Resources Ltd. has entered into an agreement with the Kurdistan Regional Government of Iraq to acquire an additional 10-per-cent-net-working interest in the Qara Dagh production sharing contract. As a result of the acquisition, Niko will hold an aggregate 37-per-cent-net-working interest in the PSC.
Niko has completed the acquisition and processing of the initial 2-D seismic survey. Preliminary evaluation of the seismic data identifies a 60-kilometre subsurface structure extending almost the entire length of the block. Analysis of the seismic data is underway and the first drilling location is being selected.