Press release from Marketwire
Niko Increases Acreage Holdings by 29% in Indonesia
Tuesday, May 18, 2010
Sq Km Operator ---------------------------------------------------------- 1. Cendrawasih Bay II 5,072 Repsol 2. Cendrawasih Bay III 4,688 Niko 3. Cendrawasih Bay IV 3,904 Niko 4. Sunda Strait 6,959 Niko
In Cendrawasih Bay II, III, and IV, Niko holds a 50% interest in partnership with Repsol Exploracion, S.A and will operate two of these blocks while in the Sunda Strait block Niko holds 100% participating interest. The blocks in Cendrawasih Bay surround Niko's existing PSC operated by Exxon Mobil and target similar play types. Niko will hold an interest in 16 exploration blocks covering almost 20 million gross acres (over 15 million net acres) in Indonesia.
Niko has completed the first phase of its seismic commitment with zero lost time incidents. A total of 15,600 line km and over 200,000 man-hours have been completed.
May 18, 2010
For further information, please visit the Company's website at www.nikoresources.com.
Certain statements in this press release are forward-looking statements. Specifically, this press release contains forward-looking statements relating to management's approach to operations, estimates of future sales, production and deliveries, business plans for drilling and development, estimated amounts and timing of capital expenditures, anticipated operating costs, royalty rates, cash flows, transportation plans and capacity, anticipated access to infrastructure or other expectations, beliefs, plans, goals, objectives, assumptions and statements about future events or performance. The reader is cautioned that the assumptions used in the preparation of such information, although considered reasonable by Niko at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil and gas prices; the results of exploration and development drilling and related activities; the uncertainty of estimates and projections relating to productions, costs and expenses; uncertainties as to the availability and cost of financing; fluctuations in currency exchange rates; the imprecision in reserve estimates; risks associated with oil and gas operations, such as operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; the weather in the Company's area of operations; the ability of suppliers to meet commitments; changes in environmental and other regulations; actions by governmental authorities including changes in laws and increases in taxes; decisions or approvals of administrative tribunals; risks in conducting foreign operations (for example, political and fiscal instability or the possibility of civil unrest or military action in countries such as India and Bangladesh); the effect of acts of, or actions against international terrorism; and other factors, many of which are beyond the control of Niko. There is no representation by Niko that the actual results achieved during the forecast period will be the same in whole or in part as those forecast.
FOR FURTHER INFORMATION PLEASE CONTACT:
Niko Resources Ltd. Edward S. Sampson Chairman of the Board, President & CEO (403) 262-1020or
Niko Resources Ltd. Murray Hesje VP Finance & CFO (403) 262-1020 www.nikoresources.com