Niko Proves Up Feni Prospect

Niko Resources has made a new gas discovery in the Feni Block approximately 125km southeast of Dhaka onshore Bangladesh.

Gas was flowed on open-hole drill stem testing from two separate, and previously untested zones. The interval, 2275m to 2285m, tested 10.1mmcf per day, the second interval, 2525 to 2535m, tested 3.5mmcf per day. Additional potentially gas-bearing zones will be tested through casing during completion.

The well will be cased and completed. A tie-in to the PetroBangla main Chittagong gas line is present and active at the Feni field and little work is required to put the well on stream. Production facilities will be installed and the well can be put on production immediately thereafter. The next well will be directionally drilled on the Feni site to develop additional deeper gas zones.