Niko deepwater Indonesia well non-commercial

Offshore staff

CALGARY, Canada – Niko Resources Ltd. (TSX:NKO) has found non-commercial gas at the Pananda 1 exploration well drilled in the North Makassar block, offshore Kalimantan in the deepwater Makassar Strait, Indonesia.

The well was drilled to TD 19,685 ft (6,000 m) in 7,433 ft (2,265 m) of water 40 km (25 mi) southeast of Chevron’s deepwater Gehem field.

While hydrocarbons were detected, poor reservoir quality makes the well non-commercial. Niko says Middle Miocene turbidites in the area remain to be evaluated.

The Ocean Monarch drilling rig is mobilizing to the Cendrawasih PSC in eastern Indonesia to drill the Elang 1 well starting early next month. Repsol will be a joint-venture participant in Cendrawasih with 30% working interest. Niko holds the remainder.

6/13/2013

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