Friday, August 14, 2009

Niko to spend US$26 million in Indonesia exploration

Niko Resources has spent US$5.6 million in various exploration activities in Indonesia in three months ended June 30, 2009, The company plans to spend around US$26 million in the period of July 2009 to March 2010.
Indonesia is the second largest for Niko after India for the July 2009 - March 2010 exploration spending. The company has arranged for a major international seismic contractor to shoot a 3D spec survey in both the Southeast Ganal and West Sageri blocks, and this program commenced last motnh. 
Additional 2D seismic surveys will also be acquired in these blocks and a contract for these surveys is expected to be signed in September 2009 with acquisition to commence prior to the end of 2009. This 2D vessel will also conduct new seismic surveys in the Bone Bay, South Matindok, Kofiau, and Seram blocks.
In the Kofiau Block, both a 2D and a major 3D seismic program are planned and acquisition of the 3D is expected to commence in the fourth quarter of 2009.

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