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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (23155)	1/19/2018 11:36:27 AM
From: Goose94	Read Replies (1) \| Respond to of 203329

Niko Resources (NKO-T) new 52 week high, 14 cents

To: Goose94 who wrote (23155)	1/23/2018 7:28:42 AM
From: Goose94	Read Replies (2) \| Respond to of 203329

Niko Resources (NKO-T) its name turned up in a news report by an Indian newspaper called Mint. The news outfit reported that Niko's two joint venturers, BP India and the Indian conglomerate Reliance Industries, expect to begin selling natural gas from the R-series field in 2020. The R-series field is a part of the Krishna Godavari (KG) offshore block, which is owned 60 per cent by Reliance, 30 per cent by BP and 10 per cent by Niko. Reliance and BP, which are financing the work at KG, have begun seeking potential buyers for the future R-series production. So far, the KG block has one producing field, D6, with an output of 247.2 million to 282.5 million cubic feet of gas equivalent a day. Reliance and BP agreed in 2017 to spend a total of $6-billion (U.S.) to boost production at the D6 field to a range of 1.05 billion to 1.23 billion cubic feet a day by 2022. Niko's appearance in South Asian newspapers last week was not limited to an operations update from India. According to a Bangladeshi newspaper called The Daily Star, a court in Dhaka held a hearing last Monday about a corruption case involving Niko. One of the defendants, former Bangladeshi prime minister Khaleda Zia, failed to attend the hearing because of illness, so the court ordered her to appear instead on Feb. 4. Ms. Zia and other government officials (who were in office between 2001 and 2006) are alleged to have engaged in corruption when they approved Niko's gas exploration, production and sales deals with two state-owned oil companies, Petrobangla and Bapex. Among Ms. Zia's fellow defendants are a former state minister for energy and a former acting energy secretary. Ms. Zia is fighting the case. None of Niko's Canadian directors or officers is a defendant. In August, 2017, the Supreme Court of Bangladesh ordered the seizure of all of Niko's Bangladeshi assets. That was not because of alleged corruption but because of two gas well blowouts in 2005. Bapex blames Niko for the blowouts and is now claiming $118-million (U.S.) in compensation plus $905-million (U.S.) for losses and other expenses. Niko maintains that it is not liable for any of these payments. It adds that the court had no mandate to order the seizure of its assets. Instead, Niko says, the issue is in the hands of the International Centre for Settlement of Investment Disputes. Nevertheless, in August, 2017, the court also told Petrobangla to stop giving Niko its share in their gas and condensate sales revenue, and Petrobangla is complying. Niko calculates that Petrobangla now owes it $42-million (U.S.). Mostly because of Niko's troubles in Bangladesh, its stock has fallen to today's 13 cents from a peak of $115 in 2010. At the time, it had oil and gas assets in India, Bangladesh, Pakistan, Iraq, Madagascar, Trinidad and Indonesia.