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Niko expands its oil and gas acreage offshore Indonesia

By The Canadian Press  | December 20, 2011
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CALGARY - Niko Resources Ltd. (TSX:NKO) is expanding its offshore oil and gas exploration acreage in Indonesia as it continues to seek alternatives to projects in India.

The Calgary-based company said Tuesday it has been awarded two new production sharing contracts in the southeastern Asian country, expanding its interests to 20 exploration agreements.

Indonesia is a core focus area for the international energy producer and explorer.

On Monday, Niko announced it had expanded its offshore oil and gas exploration acreage off the coast of Trinidad and Tobago, an island in the Caribbean Sea northeast of oil-rich Venezuela.

Niko said the Trinidad government had approved the assignment to Niko of an interest in the Mayaro-Guayaguayare Bay block .

The exploration property lies just off the southeast corner of the island and is beside Niko's 2(ab) block to the northeast and Niko's Guayaguayare block to the southwest.

Niko will operate and hold a 70 per cent stake in the block, which covers 22,000 hectares and is located in water depths of less than 25 meters.

Earlier this fall, Niko said it will focus more of its exploration on Trinidad and Indonesia as the company moves away from expanding in India, where it faces some hurdles to growth.

Niko produces and explores for oil and natural gas in India, Bangladesh, Indonesia, the Kurdistan region of Iraq, Trinidad, Pakistan and Madagascar.

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