Niko Resources Ltd.

Niko Resources Ltd.

November 18, 2008 09:00 ET

Niko Obtains Additional Offshore Exploration Acreage in Indonesia

CALGARY, ALBERTA--(Marketwire - Nov. 18, 2008) - Niko Resources Ltd. (TSX:NKO) is pleased to announce that they have acquired a new exploration block in offshore southeast Sulawesi, Indonesia. The block covers almost 5,000 square kilometres and Niko will have a 25% non-operated working interest. The block was recently awarded to Marathon and its partners and Niko will earn a 25% equity from an affiliate of Black Gold Energy "Black Gold". Similar to the previous four blocks Niko has acquired in Indonesia, this prime acreage is located primarily in deep water and was selected from extensive geologic and geophysical evaluations covering one million square kilometres.

The acquisition of this block is a continuation of Niko's strategy to establish Niko as a leading company in the exploration of the largely unexplored deep water areas offshore Indonesia. Considering the overwhelming success in finding oil and gas in shallow water and onshore areas of Indonesia, there is potential that Indonesian deep waters will provide successes similar to those seen in the deep waters of India, Brazil, Gulf of Mexico and West Africa to mention a few.

As with the other deep water blocks Niko has acquired in Indonesia, this block is associated with onshore areas containing significant gas reserves.

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.

Contact Information

  • Niko Resources Ltd.
    Edward S. Sampson
    Chairman of the Board, President & CEO
    (403) 262-1020
    Niko Resources Ltd.
    Murray Hesje
    VP Finance & CFO
    (403) 262-1020