Niko Abandons Elang-1 Exploration Well in Cendrawasih PSC

Canada's Niko Resources Ltd. gave an update of the firm's drilling activity in the Cendrawasih Production Sharing Contract (PSC) off northwest Papua province in eastern Indonesia when it presented its quarterly report ending June 30.

The Elang-1 exploration well in the Cendrawasih PSC was drilled in water depths of 5,033 feet to a total depth of 15,865 feet in 27 days. The well - drilled by Diamond Offshore's Ocean Monarch (UDW semisub) - did not encounter commercial reservoir pay zones and has been plugged and abandoned.

"The (Elang-1) well was drilled safely, under budget and ahead of schedule," Niko said in the company release.

The Ocean Monarch has mobilized to the Niko-operated Kofiau PSC, which is located off western Papua province, where the Elit-1 well has been spud as a follow up to the Ajek-1 well drilled by Niko in January 2013.

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