Niko hikes Indonesia stake with Black Gold buy

Niko Resources Ltd., Calgary, said it will hold an interest in 12.1 million net exploration acres in Indonesia and become one of the country’s larger holders of deepwater exploration acreage with acquisition of Black Gold Energy LLC, Sugar Land, Tex.

By OGJ editors
HOUSTON, Nov. 23
-- Niko Resources Ltd., Calgary, said it will hold an interest in 12.1 million net exploration acres in Indonesia and become one of the country’s larger holders of deepwater exploration acreage with acquisition of Black Gold Energy LLC, Sugar Land, Tex.

The acquisition requires $310 million (Can.) in financing, Niko Resources said. Black Gold is a partner in all of Niko Resources’ Indonesian blocks.

Niko Resources said it will also benefit from key Black Gold personnel joining the team. The expanded staff has extensive experience, in-depth knowledge, and understanding of the exploration, operation, and regulatory environment in Indonesia.

Completion of the purchase and financing transactions is subject to approval by Indonesia’s government agency BPMigas.

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