Niko Resources Gains 70% Stake In Block Offshore Trinidad

Acquired 70% WI and operatorship in 55,000-acre Mayaro-Guayaguayare Bay block offshore Trinidad and Tobago for water depths of less than 25 meters.

Niko Resources Ltd., Calgary, (Toronto: NKO) has acquired an interest in the Mayaro-Guayaguayare Bay block offshore Trinidad and Tobago.

The MG Block lies just offshore of the southeast corner of Trinidad and is adjacent to Niko's 2(ab) block to the northeast and Niko's Guayaguayare block to the southwest. The block lies between the onshore Beach, Navette, and Balata East producing oil fields and the offshore Galeota producing oil field.

Niko will operate and hold a 70% interest. The block covers 55,000 acres and is in water depths of less than 25 meters.