Niko Resources Ltd. announces that it has reached an agreement with Hess Corporation in which a Hess subsidiary company will become a joint venture participant in the Kofiau Production Sharing Contract (PSC) in Indonesia.
As a result of the farmout, Niko will operate with a 57.5% interest and Hess will earn a 42.5% working interest in the PSC. The transfer of interest is pending approval by the Government of Indonesia.
Niko has acquired a total of approximately 2266km2 of 3D seismic data and 1050km of 2D seismic data on the block. Niko will drill several wells on the Kofiau PSC as part of an extensive Indonesian deepwater drilling campaign set to commence in 2012.
[mappress] Source:Niko Resources ,September 12, 2011;