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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (10740)5/15/1998 4:51:00 PM
From: Arnie  Read Replies (1) of 15196
 
FIELD ACTIVITIES / Niko Resources updates Drilling Results


Niko Resources Ltd. (ASE - NKO) has drilled and cased two more on-shore wells
in the Hazira gas field. Drilling information and geophysical well logs
indicate that both wells have multiple gas pay intervals. These wells are
step out locations from the existing producing wells and have extended the
area of proven reserves by over 2 kilometers. The new wells are currently
being production tested. In addition the results of these wells continue to
confirm the existing seismic interpretation for the Hazira field and bode
well for the upcoming 15 development wells planned for the Land Based
Drilling Platform. The project is under full construction with the causeway
currently 500 meters out into the sea. Drilling will commence immediately
upon completion of the Platform.

Drilling is also underway at the Company's Cambay and Matar fields. The first
of three wells in the Cambay field has reached total depth and will be tested
and completed and followed by the immediate drilling of two more wells. The
Matar well is currently drilling at 1,550 meters and total depth should be
reached in the next couple of days.

The Company anticipates that the current controversy over nuclear testing in
India will have no impact on Niko's projects, profits and operations.

For further information please contact:

Niko Resources Ltd. (403) 262-1020 Edward Sampson, Executive Chairman or
Paul Wright, Vice President Finance.

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