UPDATE: Niko Resources Now Up 8% As Increases Proved Reserves by 160%

By MidnightTrader.com Staff,

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Niko Resources Ltd. (NKO.TO) has received the final draft of the reserve evaluations for the D6 and NEC-25 Blocks in India and Block 5 in Trinidad and Tobago and the final reserve evaluation for Block 9 in Bangladesh from independent petroleum engineering firms.

Total proved reserves increased approximately 160% to 550 Bcfe, resulting in a proved reserve replacement ratio of over 700%. Total proved plus probable reserves rose 110% to approximately 800 Bcfe, resulting in a proved plus probable reserve replacement ratio of over 850%.

NKO is now trading at $8.25, up more than 8%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
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