Market Chatter: Niko Reports Another Dry Well in Indonesia, Shares Plunge
Niko Resources Ltd (NKO.TO) said another one of its offshore wells in Indonesia came up dry, Reuters reports.
Reuters said earlier this week, Niko reported a dry well in Trinidad, hurting the company's plans to raise output outside India where it is grappling with falling volumes.
The Canadian company started an extensive drilling program in September in Indonesia where it has production-sharing contracts on 22 offshore blocks. Niko said it now plans to begin drilling the Ajek-1 well in the West Papua region of eastern Indonesia.
NKO has dropped 19% to $9.55 but is still above year low $8.76.
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