Niko Exploration Drilling Update
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 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. Contacts: Niko Resources Ltd. Edward S. Sampson Chairman of the Board, President & CEO (403) 262-1020
Niko Resources Ltd. Murray Hesje VP Finance & CFO (403) 262-1020 www.nikoresources.com