Niko Resources Ltd. has signed three new Production Sharing Contracts with the Trinidad and Tobago Government:
* The first block, NCMA2 is located approximately 50 kilometers NNW of the northern coast of Trinidad and will be operated by Niko who will hold a 56% interest. The block covers 251,870 acres and is located in water depths from 150 to 170 metres.
Both the NCMA2 block and the NCMA3 Block discussed below are on trend with the multi TCF Hibiscus and Chaconia gas fields.
* The second block, NCMA3 is located approximately 25 kilometers NNW of the northern coast of Trinidad and will be operated by Niko who will hold a 80% interest. The block covers 520,439 acres and is located in water depths from 100 to 150 metres.
* The third block, Block 4(b) is located approximately 100 kilometers east of the eastern coast of Trinidad in the Columbus Basin and will be operated by Niko who will hold a 100% interest. The block covers 396,634 acres and is located in water depths ranging from 200 to 700 metres. The block is located directly north of Block 5(c) where to date several gas discoveries have been made. The block contains several undrilled structures with very pronounced seismic amplitude anomalies which suggest the potential presence of hydrocarbons.
Country Summary
When combined with previously announced acreage as summarized below, the company now has an interest in 8 blocks in various proven hydrocarbon basins with potential for oil and/or gas discoveries. All blocks are managed by Production Sharing Contracts.
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Source:Niko , April 19, 2011;