Drilling Update
September 05, 2012 19:18 ET
Niko Resources Ltd.: Drilling Update
CALGARY, ALBERTA--(Marketwire - Sept. 5, 2012) - Niko Resources Ltd. ("Niko") (TSX:NKO).
Trinidad
The Shadow well reached a depth of 8,503 ft and did not encounter significant hydrocarbon-bearing sandstones. The well is currently being plugged and abandoned.
The Rowan Gorrila III will move to Maestro-1, the next location on Block 2ab, which is expected to spud early next week. The primary target is the Angostura sandstone, the producing horizon in the Angostura Field offshore Trinidad which is about 20 miles east of the prospect along the same structural trend. Resources estimates for the prospect are in the order of 200MMBO and 4 TCF of gas.
Indonesia
The Discoverer Seven Seas rig is still on the Lebah-1 location and results are anticipated next week.
The Ocean Monarch is expected to begin moving to the Jayarani-1 location on October 3, 2012. During final inspection a crack was discovered in the crown sheaves and Diamond's decision was to remove the complete crown cluster for inspection and repair.
September 5, 2012
Certain statements in this press release are forward-looking statements. Specifically, this press release contains forward-looking statements relating to management's approach to operations, estimates of future sales, production and deliveries, business plans for drilling and development, estimated amounts and timing of capital expenditures, anticipated operating costs, royalty rates, cash flows, transportation plans and capacity, anticipated access to infrastructure or other expectations, beliefs, plans, goals, objectives, assumptions and statements about future events or performance. The reader is cautioned that the assumptions used in the preparation of such information, although considered reasonable by Niko at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil and gas prices; the results of exploration and development drilling and related activities; the uncertainty of estimates and projections relating to productions, costs and expenses; uncertainties as to the availability and cost of financing; fluctuations in currency exchange rates; the imprecision in reserve estimates; risks associated with oil and gas operations, such as operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; the weather in the Company's area of operations; the ability of suppliers to meet commitments; changes in environmental and other regulations; actions by governmental authorities including changes in laws and increases in taxes; decisions or approvals of administrative tribunals; risks in conducting foreign operations (for example, political and fiscal instability or the possibility of civil unrest or military action in countries such as India and Bangladesh); the effect of acts of, or actions against international terrorism; and other factors, many of which are beyond the control of Niko. There is no representation by Niko that the actual results achieved during the forecast period will be the same in whole or in part as those forecast.