Oman Resources Drilling Update (7117C)
May 04 2012 - 2:00AM
UK Regulatory
TIDMNGP
RNS Number : 7117C
Niche Group (The) PLC
04 May 2012
Embargoed: 0700hrs 4 May 2012
The Niche Group plc
("Niche" or the "Company")
Oman Resources Drilling Update
Niche, the oil and gas focused investment company, has been
notified by Arar Petrol ve Gaz AUPAS (the "Operator") of results of
two wells drilled in the Hatay region in the Iskenderun Basin,
onshore south east Turkey on licences AR/ARR/4396 and AR/ARR/4395,
two of four licences in which Oman Resources has a 50% working
interest. Niche currently has an interest of 35.7% in Oman
Resources.
Well Ciftlik-1, on licence AR/ARR/4396, was drilled to a total
depth of 1198m. The well was drilled 1.35km to the north west of
the Hamam-1 gas discovery well and encountered gas shows while
drilling. The well was perforated and tested over three intervals
in the Miocene Kizildere Formation, but no gas was flowed to
surface. Wireline log interpretation suggests that reservoir
quality sandstones were not developed at this location.
Well Kastal-1, on licence AR/ARR/4395, was drilled to a depth of
458m. Mechanical problems required a sidetrack of the well, which
encountered significant gas shows at 200m and 410m before the well
was suspended for well control reasons before reaching its primary
objective at 650m. It is likely that the well will be abandoned,
and the possibility of spudding an offset well from this location
is under review.
The results from these two wells are being incorporated in an
updated Competent Person's Report to be issued in conjunction with
the anticipated reverse takeover of Oman Resources as previously
announced by the Company.
Enquiries:
The Niche Group plc
Rakesh Patel
Tel. +44 (0)20 8371 3071
Deloitte LLP - Nominated Adviser
Oliver Rigby or Jon Hinton
Tel: +44 (0)20 7007 1815
M: Communications
Ben Simons
Tel. +44 (0)20 7920 2340
This information is provided by RNS
The company news service from the London Stock Exchange
END
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