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Niko Resources Provides Update on NEC-25; Shares Climb 17%

Posted
4/1/2013 1:01:00 PM
By: MT Newswires
Referenced Stocks:

Niko Resources Ltd. (NKO.TO) announced that the field development plan for the NEC-25 Block in India was submitted on March 28, 2013 to the Government of India for approval.

An independent reservoir engineering firm is currently working on their reserves and economic evaluation for Niko's interest in the NEC-25 Block, and with field development plans submitted and increased clarity on future gas prices for the developments, the Company expects to book reserves for the NEC-25 Block and other planned development projects in its portfolio, effective March 31, 2013.

NKO has climbed 17% to $7.45, trading near 52-week low $5.13.