Appraisal Well Drilling Targeted at West Papua IV Block

CALGARY (Yosefardi) – Niko Resources Ltd is evaluating the potential of drilling of an appraisal well or one of the other prospects on the West Papua IV block, offshore Papua, Indonesia.
The Cikar-1 well has been drilled at the block, where Niko encountered a 700 feet thick section of the targeted New Guinea Limestone primary objective and was still in the porous zone when well conditions forced suspension of the drilling operations.
“The well encountered gas in the drilling of the deeper section and the temporary suspension of the well will allow the company to return to the well for future deepening and testing,” Niko said.
Niko Resources held 49.9% interest in the West Papua IV block, which covers an area of 6,389 KM2 in Papua. The production sharing contract was awarded in November 2009.