Niko Counts 20 Successful Wells Out of 21 Drilled


D6 Block Offshore India
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Niko Resources has had 20 successful exploration wells out of 21 drilled to date in India. Drilling of the ME-1 Cretaceous exploration well was postponed due to adverse weather conditions. The MK-1 Cretaceous exploration well has been drilled to 2,860 metres and casing has been set. The well has been temporarily suspended and the drilling rig Discovery Seven Seas released. Continued drilling of this well will resume when another rig is available.

Conceptual studies are underway for the development of a further eight natural gas discoveries in the prolific D6 Block. The discoveries are adjacent to the Dhirubhai 1 and 3 gas fields that are currently under development. It is intended that these satellite discoveries be tied back to the Dhirubhai 1 and 3 facilities. Fifteen more prospects have been identified in deeper water areas of the block to explore further upside potential.

The development of discoveries Dhirubhai 1 and 3 is on schedule for production of gas during the third calendar quarter of 2008. Seventeen of the 18 planned wells in the development plan have been drilled.

Ninety-four percent of the wells have been drilled with the remaining well to be drilled in 2008. Well completions commenced in January 2008; 65 percent of off-shore facilities have been completed. A total of 72 vessels are currently operating on the block to implement the installation of the sub-sea facilities; and 70 percent of on-shore gas handling and infrastructure facilities have been completed. Major processing units are on site and installation is on schedule.

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