Niko Acquires ChevronTexaco's Bangladesh Assets

Niko Resources has acquired Chevron International Bangladesh Ltd. (CIBL). CIBL was responsible for ChevronTexaco's activities in Block 9, an onshore gas exploration opportunity in Bangladesh.

Niko now has a 60 percent interest in the 6,880 square kilometer block, which includes the capital city of Dhaka.

3D and 2D seismic programs have been completed on portions of the block and drillable prospects have been identified. A rig has been contracted and surface locations are currently being constructed for the drilling of 3 anomalies. Drilling is expected to commence in November.

The other participants in Block 9 are Tullow Bangladesh Ltd., with a 30 percent interest and Bapex, the Bangladesh Petroleum Exploration and Production Co. Ltd., which holds the remaining 10 percent interest.