Niko moves to enter Trinidad.

Niko Resources Ltd. has agreed to acquire Sonde Resources Corp.’s 25% interest in block 5(c) 94 km (58 mi) off the east coast of Trinidad.

Offshore staff

CALGARY, Canada –
Niko Resources Ltd. has agreed to acquire Sonde Resources Corp.’s 25% interest in block 5(c) 94 km (58 mi) off the east coast of Trinidad. The $75.5-million deal has certain conditions, including first right of refusal and approval from the Ministry of Energy and Energy Affairs for Trinidad and Tobago.

Presuming no impediments, the agreement is expected to conclude on Feb. 28, 2011.

Three wells drilled on the block have encountered hydrocarbons and have been tested successfully.

12/22/2010

More in Regional Reports