November 9, 2012 / 2:07 PM / 6 years ago

Niko reports another dry well in Indonesia

Nov 9 (Reuters) - Oil and gas producer Niko Resources Ltd said another one of its wells offshore Indonesia came up dry.

The company started an extensive drilling program in Indonesia in September, where it has production-sharing contracts on 22 offshore blocks.

Niko and partner ENI SpA abandoned a well in Indonesia in September.

Earlier this week, Niko’s the company reported a well coming up dry in Trinidad, hurting the company’s plans to raise output outside India where it is grappling with falling volumes.

Niko said it now plans to begin drilling the Ajek-1 well in the West Papua region of eastern Indonesia.

The company also operates in Bangladesh, Pakistan, Madagascar and the Kurdistan region of Iraq.

Niko shares, which have fallen about 79 percent in the last one year, closed at C$11.85 on the Toronto Stock Exchange on Thursday.

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