Embargoed: 0700hrs 4 May 2012
(“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.
The Niche Group plc
Tel. +44 (0)20 8371 3071
Deloitte LLP – Nominated Adviser
Oliver Rigby or Jon Hinton
Tel: +44 (0)20 7007 1815
Tel. +44 (0)20 7920 2340