Niko Resources Ltd. has been awarded two blocks under the most recent round of bidding of the Government of India's New Exploration Licensing Policy, NELP V.
Niko has a 100% working interest in the 236,379 acre onland block CY-ONN-2003/1 (Cauvery) located in the Cauvery basin on the southeastern coast of India. The Cauvery block is adjacent to several producing oilfields and is located within the Cauvery Delta. Niko's Phase I commitment, which must be executed over the next three years, consists of shooting approximately 550 square kilometers of 3D seismic and the drilling of five wells.
Niko and its partner, Reliance Industries Limited (Reliance), have also been awarded the 4,211,350 acre deep water block MN-DWN-2003/1 (D-4) located in the Mahanadi basin off the northern part of the east coast of India. Niko has a 15% working interest in this block, of which Reliance will be the operator. "The high level of bidding for this most sought after block is indicative of the potential" states Edward Sampson, Company President.