From the Wires
Niko Provides Exploration Update
By: Marketwired .
Nov. 6, 2012 06:30 AM
CALGARY, ALBERTA -- (Marketwire) -- 11/06/12 -- Niko Resources Ltd. ("Niko" or the "Company") (TSX:NKO) provides the following exploration updates:
Trinidad and Tobago
The Maestro-1 well in Trinidad has reached total depth in the Lower Cretaceous at a depth of 5301 feet which is shallower than prognosed. Wireline logs have been run and the well did not meet with success. Hydrocarbons were encountered at the Lower Cretaceous level; however, no significant reservoir intervals that could be deemed commercial were encountered. No further testing of the well is anticipated.
The drilling program for the Jayarani-1 well in the Lhokseumawe block is proceeding ahead of schedule.
Certain statements in this press release constitute forward-looking information. Specifically, this press release contains forward-looking information relating to anticipated exploration activities in Indonesia and the anticipated timing of drilling results. These forward-looking statements are based on certain key expectations and assumptions, including management's geological interpretation of the Lhokseumawe block and anticipated drilling conditions. The reader is cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors and such variations may be material. Such factors include, but are not limited to: operational risks in exploring for crude oil and natural gas including equipment failures or accidents; the ability of suppliers and third party contractors to meet commitments; pressure or irregularities in geological formations; and adverse weather conditions. Niko makes no representation that the actual results achieved during the forecast period will be the same in whole or in part as those forecast.
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