CALGARY, ALBERTA -- (Marketwire) -- 12/12/12 -- Niko Resources Ltd. ("Niko" or the "Company") (TSX: NKO), is pleased to announce the spudding of the Ajek-1 well in the Kofiau block in Indonesia on 12/12/12.
The Ajek-1 well is to be drilled to a depth of approximately 5,900 feet and is expected to take 40 to 45 days.
The move of approximately 2,400 nautical miles from Western Indonesia to Eastern Indonesia took only 23 days, much faster than originally anticipated, demonstrating the continued enhanced operational efficiency of the Ocean Monarch drilling rig and Niko's Indonesian drilling team.
Certain statements in this press release constitute forward-looking information. Specifically, this press release contains forward-looking information relating to the anticipated timing of drilling activities. These forward-looking statements are based on certain key expectations and assumptions, including anticipated drilling conditions. The reader is cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results 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 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.
Niko Resources Ltd.
Chairman of the Board, President & CEO
Niko Resources Ltd.
VP Finance & CFO
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