Niko Resources updates Indonesian ops
Friday, February 10 2012 - 02:46 AM WIB
Indonesia
The Company holds interests in PSCs for 20 offshore exploration blocks covering 104,443 square kilometres. The chart below indicates the location, award date, the Company?s working interest and the size of the block.
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 |
| Obi (i) | Papua SW | Nov. 2011 | 51% | 8,057 |
| North Ganal | Makassar Strait | Nov. 2011 | 31% | 2,432 |
| Halmahera II | Papua W | Dec. 2011 | 20% | 6,000 |
| South East Seram (i) | Papua SW | Dec. 2011 | 100% | 8,217 |
| Note: 1. (i) Operated by the Company | ||||
| 2. The Company has entered into farmout agreements that, subject to government approval, will reduce its working interest to 57.5% for the Kofiau block and 42% in the Obi block. The Company has entered into a farmout agreement for the West Papua IV and Halmahera-Kofiau blocks whereby the farmor has the options to obtain an additional working interest, subject to government approval, that would reduce the Company?s working interest to 40%. | ||||
All of the blocks are in the first exploration period. The Company has acquired a total of 29,570 kilometres of 2D seismic and 17,081 square kilometres of 3D seismic fulfilling the seismic work commitments. Eleven of the blocks have a single well commitment.
The Company has contracted a rig and the drilling program for the Company?s operated blocks is expected to commence in 2012. The Company has estimated the costs to fulfill the remaining work commitments at $267 million to be spent at various dates up to December 2014.
The Company has received extensions to the initial 3-year exploration period in order to fulfill the well commitments on certain blocks. The Company is required to relinquish a portion of the exploration acreage after the first exploration period. (end of excerpt)