Niko Resources Ltd.
TSX : NKO

Niko Resources Ltd.

January 30, 2014 08:00 ET

Niko Announces Approval of Transfer of Semai V PSC

CALGARY, ALBERTA--(Marketwired - Jan. 30, 2014) - Niko Resources Ltd. ("Niko" or the "Company") (TSX:NKO) is pleased to announce that the Government of Indonesia has approved the transfer of a 100% interest in the Semai V PSC from Hess Corporation to Niko in connection with the previously announced definitive agreement signed in August 2013.

Two wells have been previously drilled in the block, Andalan 1 and 2, with one future commitment well yet to be drilled. Drilling results from these wells indicate hydrocarbon potential remaining on the block. The Company will work to farm out a portion of its interest in the Semai V PSC, located offshore Papua province in eastern Indonesia.

Forward-Looking Information

Certain statements in this press release constitute forward-looking information. Specifically, this press release contains forward looking information relating to the Company's plans to farm out a portion of its working interest in the Semai V PSC. These forward looking statements are based on certain key expectations and assumptions of management, including anticipated market conditions. The reader is cautioned that the assumptions used in the preparation of such forward looking information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved 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: risks associated with market conditions; risks associated with oil and gas operations 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.

Contact Information

  • Niko Resources Ltd.
    Jake Brace
    President
    (403) 262-1020

    Niko Resources Ltd.
    Glen Valk
    VP Finance & CFO
    (403) 262-1020
    www.nikoresources.com