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.
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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