Niko Resources Ltd., along with partner Zaratex N.V., declares the Jayarani-1 well, located in the Lhokseumawe PSC offshore Aceh western Indonesia, has reached TD at a depth of 11,537'.

The well penetrated the pre-drill geologic objectives of Oligo-Miocene Peutu and Cunda carbonates, but no commercial reservoir was encountered. The Niko Indonesia team completed this first well of a multi-well program safely, under budget and ahead of schedule, significantly improving performance in comparison to the offset wells drilled by other operators.

Niko will now mobilize the Ocean Monarch drilling rig to the West Papua region of eastern Indonesia where it will begin drilling the Ajek-1 well in the Kofiau PSC, the first well to be drilled based on its SeaSeep technology, followed by the Cikar-1 well in the West Papua IV PSC and at least four other wells in the area.

Tags: Niko Resources Ltd.