Niko Resources Ltd.: Qara Dagh Block
November 14 2012 - 7:25PM
Marketwired
Niko Resources Ltd. ("Niko" or the "Company") (TSX:NKO), announces
that, along with its consortium partners, Niko has entered into a
relinquishment and termination agreement (the "Relinquishment
Agreement") with the Kurdistan Regional Government ("KRG") to
surrender their collective interests in the Qara Dagh Block located
in the Kurdistan Region of Iraq.
The Relinquishment Agreement is clear that none of the
consortium partners will have any future obligations or liabilities
with regard to the original production sharing agreement.
Pursuant to the Relinquishment Agreement, and after settlement
of outstanding expenses, Niko expects to recover a net amount of
USD $14.9 Million.
Forward-Looking Information
Certain statements in this press release constitute
forward-looking information. Specifically, this press release
contains forward-looking information relating to planned drilling
activities and the Company's exploration strategy in Indonesia and
anticipated cost savings based on past drilling experiences. These
forward-looking statements are based on certain key expectations
and assumptions, including management's interpretation of the
geology relating to the Company's blocks in Indonesia, anticipated
costs relating to mobilization and drilling with the Ocean Monarch
drilling rig and anticipated drilling conditions. The reader is
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be incorrect. Actual results may vary
from the information provided herein as a result of numerous known
and unknown risks and uncertainties and other factors and such
variations may be material. Such factors include, but are not
limited to: the results of exploration and development drilling and
related activities; changes in capital programs; the uncertainty of
estimates relating to costs and expenses; risks associated with oil
and gas operations including equipment failures or accidents; the
ability of suppliers and third party contractors to meet
commitments; pressure or irregularities in geological formations;
and adverse weather conditions. Niko makes no representation that
the actual results achieved during the forecast period will be the
same in whole or in part as those forecast.
Contacts: Niko Resources Ltd. Edward Sampson Chairman of the
Board, President & CEO Niko Resources Ltd. Murray Hesje Niko
Resources Ltd. (403) 262-1020 www.nikoresources.com