Niko, Partners Pick Up 3 Additional Exploration Blocks Offshore Indonesia


Indonesia
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Niko Resources announced that the Indonesian government has awarded Niko and its partners three additional offshore exploration blocks. Each of the blocks is approximately 1.2 million acres.

  • The first block, Kofiau, is offshore west Papua and will be operated by Niko who will hold a 66.67% interest. The block is located in a geological setting similar to the nearby Salawati Basin where in excess of 500 million barrels of oil are discovered in Miocene carbonates.
  • The second, Kumawa, is offshore southwest Papua. Marathon will operate with the Company holding a 25% interest. The primary exploration targets are large structured traps with Jurassic age fluvial sandstones, which in the Bintuni basin located in west Papua hold over 17 TCF of discovered gas.
  • The third, Cendrawasih is located offshore northwest Papua in Cendrawasih Bay. Exxon will operate with Niko holding a 25% interest. The primary exploration targets are large Miocene age carbonate reefs.

Most of the blocks are found near-by prolific petroleum fields and share similar geological and geophysical attributes. The majority of the blocks are located in Eastern Indonesia that is emerging as an under-explored petroleum region with early stage success as exemplified by the Tangguh gas fields (17 TCF) located in West Papua.

The bid for each block includes a signature bonus, seismic and one well. Niko's share of these costs for all 8 blocks is approximately USD $115 million. Niko expects that seismic operations will begin for all the 8 blocks during the current year.

 

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