Niko has been awarded two new PSCs Production Sharing Contracts (PSCs) in Indonesia.

The North Ganal PSC (2,432 sq km), located in the highly prolific deep water petroleum province of East Kalimantan, was awarded to a consortium of five companies consisting of subsidiaries from Niko, Eni, Statoil, GDF SUEZ and Black Platinum Energy. Eni will be the Operator of the PSC. This PSC lies on trend with the nearby Jangkrik discovery of Eni and GDF Suez which is awaiting Government approval for a planned fast track development. The PSC will also interrogate the same geologic plays as the adjacent deep water Chevron developments. The North Ganal PSC is adjacent to the existing Niko's operated PSCs in Makassar Strait (North Makassar Strait PSC and South East Ganal I PSC), giving Niko a strong position in this active development area.

The Obi PSC (8,057 sq km) lies in Eastern Indonesia, south of Halmahera Island. The PSC was awarded to a consortium consisting of subsidiaries of Niko, Statoil and Manley N.V. Niko will be Operator of the Obi PSC. This PSC is near the Niko operated Kofiau and Halmahera-Kofiau PSCs. These three blocks capture the direct extension of the geologic trends established in the Salawati production area of Papua which has to date produced more than 500 million barrels of oil equivalent.

With these two PSCs, Niko is now a participant in 18 Indonesian PSCs (Operator of 13) covering over 90,000 square kilometers or 22 million acres and the Company maintains its position as the largest holder of deep water exploration acreage in Indonesia.

Tags: Niko Resources Ltd.