Niko Resources plans in Indonesia
Niko Resources, a Canada-based company, plans to boost its oil and gas exploration activities in Indonesia. Niko has acquired several blocks in deepwater offshore in the country.
Niko told its shareholders on Tuesday that all blocks have sea bottom oil and gas seeps, large structural or stratigraphic features and several have direct indication of hydrocarbons on seismic.
Total capital expenditures for the year ended March 31, 2009 is US$15.7 million, while the forecast spending for FY ended March 2010 is about US$25 million.
The well commitment for each block will follow seismic interpretation. The seismic program planned for each block is outlined below.
Bone Bay: The seismic program planned for the block includes acquisition of 3,000 kilometres of 2D seismic.
Cendrawasih: The seismic program planned for the block includes acquisition 1,200 square-kilometres of 3D seismic, which will cover 24 percent of the 5,000 square kilometre block.
Kofiau: The seismic program planned for the block includes acquisition of 1,062 kilometres of 2D seismic and 3,150 square kilometres of 3D seismic, which will cover 60 percent of the 5,000 square kilometre block.
Kumawa: The seismic program planned for the block includes acquisition of 3,000 kilometres of 2D seismic.
Seram: The seismic program planned for the block includes acquisition of 3,500 kilometres of 2D seismic.
South Matindok: The seismic program planned for the block includes acquisition of 4,400 kilometres of 2D seismic.
Southeast Ganal: The seismic program planned for the block includes acquisition of 284 kilometres of 2D seismic and 2,700 square kilometres of 3D seismic, which will cover over 50 percent of the 5,000 square kilometre block.
West Sageri: The seismic program planned for the block includes acquisition of 371 kilometres of 2D seismic and 702 square kilometres of 3D seismic, which will cover 14 percent of the 5,000 square kilometre block.
Indonesia activities
In November 2008, the Company signed four PSCs for interests in four deep-water offshore exploration blocks covering almost 20,000 square kilometres. The Company will operate two of the blocks, South East Ganal and West Sageri, and will earn a 51 percent working interest. These blocks are located in the Makassar Strait. The Company will participate in the South Matindok and Seram blocks and earn a 25 percent working interest therein. The South Matindok block is located in northeast Sulewasi and the Seram block is located in north Seram.
Also in November 2008, the Company acquired the right to earn a 25 percent interest in another deep-water offshore exploration block, Bone Bay, covering almost 5,000 square kilometres. The Bone Bay block is located in southwest Sulewasi.
Each of the five Indonesian blocks is in the first exploration period, which expires in November 2011. The Company has minimum work commitments in this period to acquire and process 16,550 kilometres of 2D seismic in total for the five blocks and drill one well in each of the five blocks.
In May 2009, the Company and its partners were awarded three additional offshore exploration blocks: Kofiau, Kumawa and Cendrawasih. The Company will operate the Kofiau block, will earn a 67 percent working interest. This block is located in west Papua. In the Kumawa and Cendrawasih blocks, which will not be operated by the Company, the Company will earn a 25 percent working interest. These blocks are located in southwest and northwest Papua, respectively. Each of these three Indonesian blocks is in the first exploration period, which expires in May 2012 and the Company has minimum work commitments for the acquisition of 4,042 kilometres of 2D seismic, 1,200 square kilometres of 3D seismic, drilling one well per block and various payments under the agreements.
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Niko told its shareholders on Tuesday that all blocks have sea bottom oil and gas seeps, large structural or stratigraphic features and several have direct indication of hydrocarbons on seismic.
Total capital expenditures for the year ended March 31, 2009 is US$15.7 million, while the forecast spending for FY ended March 2010 is about US$25 million.
The well commitment for each block will follow seismic interpretation. The seismic program planned for each block is outlined below.
Bone Bay: The seismic program planned for the block includes acquisition of 3,000 kilometres of 2D seismic.
Cendrawasih: The seismic program planned for the block includes acquisition 1,200 square-kilometres of 3D seismic, which will cover 24 percent of the 5,000 square kilometre block.
Kofiau: The seismic program planned for the block includes acquisition of 1,062 kilometres of 2D seismic and 3,150 square kilometres of 3D seismic, which will cover 60 percent of the 5,000 square kilometre block.
Kumawa: The seismic program planned for the block includes acquisition of 3,000 kilometres of 2D seismic.
Seram: The seismic program planned for the block includes acquisition of 3,500 kilometres of 2D seismic.
South Matindok: The seismic program planned for the block includes acquisition of 4,400 kilometres of 2D seismic.
Southeast Ganal: The seismic program planned for the block includes acquisition of 284 kilometres of 2D seismic and 2,700 square kilometres of 3D seismic, which will cover over 50 percent of the 5,000 square kilometre block.
West Sageri: The seismic program planned for the block includes acquisition of 371 kilometres of 2D seismic and 702 square kilometres of 3D seismic, which will cover 14 percent of the 5,000 square kilometre block.
Indonesia activities
In November 2008, the Company signed four PSCs for interests in four deep-water offshore exploration blocks covering almost 20,000 square kilometres. The Company will operate two of the blocks, South East Ganal and West Sageri, and will earn a 51 percent working interest. These blocks are located in the Makassar Strait. The Company will participate in the South Matindok and Seram blocks and earn a 25 percent working interest therein. The South Matindok block is located in northeast Sulewasi and the Seram block is located in north Seram.
Also in November 2008, the Company acquired the right to earn a 25 percent interest in another deep-water offshore exploration block, Bone Bay, covering almost 5,000 square kilometres. The Bone Bay block is located in southwest Sulewasi.
Each of the five Indonesian blocks is in the first exploration period, which expires in November 2011. The Company has minimum work commitments in this period to acquire and process 16,550 kilometres of 2D seismic in total for the five blocks and drill one well in each of the five blocks.
In May 2009, the Company and its partners were awarded three additional offshore exploration blocks: Kofiau, Kumawa and Cendrawasih. The Company will operate the Kofiau block, will earn a 67 percent working interest. This block is located in west Papua. In the Kumawa and Cendrawasih blocks, which will not be operated by the Company, the Company will earn a 25 percent working interest. These blocks are located in southwest and northwest Papua, respectively. Each of these three Indonesian blocks is in the first exploration period, which expires in May 2012 and the Company has minimum work commitments for the acquisition of 4,042 kilometres of 2D seismic, 1,200 square kilometres of 3D seismic, drilling one well per block and various payments under the agreements.
Labels: Mining, Niko Resources
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posted by yosef at 11:07 AM
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