Niko Resources updates Indonesian ops

The following is an excerpt taken from Canadian oil, gas firm Niko Resources quarterly report released on Thursday. (ed)

Niko has now entered into the most significant exploration drilling program in its corporate history with the Ocean Monarch deepwater semi-submersible drilling rig spudding the Jayarani-1 well in the Lhokseumawe block in Indonesia on October 10, 2012. This rig has been contracted for a four-year term with an option for one additional year and will be utilized to drill numerous prospects in the Company?s extensive exploration portfolio in Indonesia. Results from the Jayarani-1 well are expected within 30 to 60 days after which the rig is expected to move across Indonesia to commence drilling of the Ajek-1 prospect in the Kofiau block, followed by the Cikar-1 prospect in the West Papua IV block. (end of excerpt)