Niko Resources updates Indonesian ops
Thursday, June 30 2011 - 04:25 AM WIB
Indonesia
The Company holds interests in PSCs for 16 offshore exploration blocks covering 79,739 square kilometres. The chart below indicates the location, award date, the Company?s working interest and the size of the block.
All of the blocks are in the first exploration period, which is a three-year period. The seismic commitments have been met and 10 of the blocks have a single well commitment. The Company has estimated the costs associated with the remaining work commitments to complete the first exploration period.
These costs are estimated to be $148 million to be spent by November 2011; an additional $54 million by May 2012; an additional $6 million by November 2012; and an additional $46 million by May 2013.
The Company has applied or plans to apply for extensions where drilling activity is planned. The Company expects to be granted approval from the Government of Indonesia before the PSC three-year anniversary. The Company is required to relinquish a portion of the exploration acreage after the first exploration period. The drilling program for the Company?s operated blocks is expected to commence early 2012. (end of edited excerpt)
Block Name |
Offshore Area | Award Date | Working Interest | Area (square kilometers) |
| Bone Bay | Sulawesi SW | November-2008 | 45% | 4,969 |
| SE Ganal I(i) | Makassar Strait | November-2008 | 100% | 4,868 |
| Seram(i) | Seram North | November-2008 | 55% | 4,991 |
| South Matindok(i) | Sulawesi NE | November-2008 | 100% | 5,182 |
| West Sageri(i) | Makassar Straits | November-2008 | 100% | 4,977 |
| Cendrawasih | Papua NW | May-2009 | 45% | 4,991 |
| Kofiau(i) | West Papua | May-2009 | 100% | 5,000 |
| Kumawa | Papua SW | May-2009 | 45% | 5,004 |
| East Bula(i) | Seram NE | November-2009 | 55% | 6,029 |
| Halmahera-Kofiau(i) | Papua W | November-2009 | 48% | 4,926 |
| North Makassar | Makassar Strait | November-2009 | 30% | 1,787 |
| West Papua IV(i) | Papua SW | November-2009 | 48% | 6,389 |
| Cendrawasih II | Papua NW | May-2010 | 50% | 5,073 |
| Cendrawasih III(i) | Papua NW | May-2010 | 50% | 4,689 |
| Cendrawasih IV(i) | Papua NW | May-2010 | 50% | 3,904 |
| Sunda Strait(i) | Sunda Strait | May-2010 | 100% | 6,960 |
| Note: (i) Operated by the Company | ||||