Niko reports another dry well in Trinidad

Source : REUTERS
Last Updated: Thu, Nov 08, 2012 10:23 hrs

Nov 6 (Reuters) - Oil and gas producer Niko Resources Ltd said one more of its wells in Trinidad turned out to be dry, adding to its recent disappointments in India and Indonesia.

The Canadian company said it did not find oil or gas in commercial quantity in the Maestro-1 well in Trinidad.

It had abandoned a nearby well in early September.

Niko abandoned a deep-water exploration well off the coast of Indonesia in September. The company is also facing declining gas output at one of its blocks in India that it co-owns with Reliance Industries Ltd and BP Plc.

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