Niko Provides Exploration Update
CALGARY, ALBERTA -- (Marketwire) -- 11/06/12 -- Niko Resources Ltd.
("Niko" or the "Company") (TSX:NKO) provides the following
Trinidad and Tobago
The Maestro-1 well in Trinidad has reached total depth in the Lower
Cretaceous at a depth of 5301 feet which is shallower than prognosed.
Wireline logs have been run and the well did not meet with success.
Hydrocarbons were encountered at the Lower Cretaceous level; however,
no significant reservoir intervals that could be deemed commercial
were encountered. No further testing of the well is anticipated.
The drilling program for the Jayarani-1 well in the Lhokseumawe block
is proceeding ahead of schedule.
Certain statements in this press release constitute forward-looking
information. Specifically, this press release contains
forward-looking information relating to anticipated exploration
activities in Indonesia and the anticipated timing of drilling
results. These forward-looking statements are based on certain key
expectations and assumptions, including management's geological
interpretation of the Lhokseumawe block and anticipated drilling
conditions. The reader is cautioned that the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be incorrect. Actual results
may vary from the information provided herein as a result of numerous
known and unknown risks and uncertainties and other factors and such
variations may be material. Such factors include, but are not limited
to: operational risks in exploring for crude oil and natural gas
including equipment failures or accidents; the ability of suppliers
and third party contractors to meet commitments; pressure or
irregularities in geological formations; and adverse weather
conditions. Niko makes no representation that the actual results
achieved during the forecast period will be the same in whole or in
part as those forecast.
Niko Resources Ltd.
Chairman of the Board, President & CEO
Niko Resources Ltd.
VP Finance & CFO
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