Niko Exploration Drilling Update
CALGARY, ALBERTA -- (Marketwire) -- 06/11/12 -- Niko Resources Ltd.
("Niko") (TSX:NKO) -
The Rowan Gorilla III off-shore rig has spudded the Shadow-1 prospect
on the 2(ab) block, in Trinidad.
The Hercules 208 off-shore rig has moved to the Ratnadewi-1 prospect
from Candralila-1 in the Lhokseumawe block in Indonesia. Candralila-1
was plugged and abandoned without reaching target depth due to
mechanical problems. The well had oil and gas shows while drilling
and partial logs recovered had indications of potential
prospectivity. Information from the Ratnadewi-1 well will assist in
determining prospectivity for Candralila-1.
The Discoverer Seven Seas deepwater rig is now slated to commence
drilling the Lebah prospect in the North Ganal block in Indonesia in
August after the completion of its current drilling location.
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
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.
Niko Resources Ltd.
Edward S. Sampson
Chairman of the Board, President & CEO
Niko Resources Ltd.
VP Finance & CFO
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