2011-06-17-2011-05-24

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
0MM
Description

To earn 40% WI in JV targeting North Makassar Strait, West Papua IV and Halmahera-Kofiau contracts in Indonesia.

Statoil ASA, Stavanger, Norway, (NYSE: STO) plans to enter a joint-venture deal with Niko Resources Ltd., Calgary, (Toronto: NKO) in the North Makassar Strait, West Papua IV and Halmahera-Kofiau production-sharing contracts in Indonesia.

Statoil will earn a 40% working interest in each contract. Niko is the operator of the contracts and has acquired a total of approximately 5,100 square kilometers of 3-D seismic data and 2,900 kilometers of 2-D seismic data on the blocks. Niko is planning to drill wells on all three contracts as part of an extensive Indonesian deepwater drilling campaign, set to commence early 2012.

Niko and Statoil are also working together to develop additional new venture opportunities in Indonesia with the objective of acquiring additional jointly held contracts.