Niko suspends drilling in RI, abandons Elit-1 well
Saturday, August 31 2013 - 03:43 AM WIB
Canadian oil and gas firm Niko Resources said in an update statement received Friday that it has decided to suspend drilling program in Indonesia this year.
?Pending the company?s re-evaluation of its go-forward exploration capital spending priorities, the company has decided to temporarily suspend its drilling program in Indonesia,? the statement said.
It said that Niko is working on various options to drill for third parties or to assign the contract for the Ocean Monarch rig and related service contracts to third parties for an extended period of time. The Ocean Monarch is being mobilized to the Makassar Strait area until the decision on the next drilling location has been finalized.
Elsewhere, Niko said it has plugged and abandoned the Elit-1 well in the Kofiau PSC, offshore Papua. The well encountered 10 feet of gas at the top of a 90-foot sand package, the company said, and was drilled to a total depth of 3,915 feet.
Editing by Reiner Simanjuntak