Niko Resources Ltd. provided the following exploration updates:
The Cikar-1 exploration well, located in the West Papua IV block in eastern Indonesia, has been drilled to a depth of 14,431 feet and temporarily suspended after encouraging initial results. The suspension will allow Niko to return to the well for future deepening and testing.
Located in a water depth of 4,528 feet, the well encountered a 700 foot thick section of the targeted New Guinea Limestone primary objective and was still in the porous zone when well conditions forced suspension of drilling operations. The well encountered gas in the drilling of the deeper section.
Significant exploration potential in New Guinea Limestone and Pliocene/Pleistocene prospects remains to be drilled on the 2,467 square miles (6,389 square kilometers) West Papua IV block.
The drilling rig Ocean Monarch (UDW semisub) will be mobilizing to the Niko-operated North Makassar block in the prolific Kutei basin where it will spud a well in early April, with a projected drilling time of 70-80 days. The well will target an extension of previous Miocene age deep water discoveries and is located near the Lebah-1 gas discovery drilled in the North Ganal block in September 2012.
The MJ-1 exploration well in the D6 Block was spud in early March and is drilling ahead. MJ-1 is targeting a Mesozoic synrift clastic reservoir, similar to the producing MA oil and gas field and over 1.2 miles (2 kilometers) deeper than and directly beneath the producing D1 D3 fields in the block.
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