Niko Resources Ltd. (TSX:NKO) gave exploration updates on its Indonesia and India projects. For the Cikar-1 exploration, drilling has reached 14,431 feet and well conditions have forced a temporary suspension of drilling operations. The MJ-1 exploration in India, on the other hand, is targeting a Mesozoic reservoir, and results are expected to come out by April/May.
As quoted in the press release:
The Ocean Monarch drilling rig will be mobilizing to the Niko-operated North Makassar block in the prolific Kutei basin where it will spud a well in early April, with a projected drilling time of 70-80 days. The well will target an extension of previous Miocene age deep water discoveries and is located near the Lebah-1 gas discovery drilled in the North Ganal block in September 2012.