Niko natural gas reserves fall 51%
Jun 21 2012, 19:41 | By Reuters
Canadian oil and gas producer Niko Resources Ltd
Proved plus probable reserves at the KG D6 block, as of March 31, have decreased to 193 bcfe, the company said.
Niko, which co-owns the KG D6 block in India with BP Plc
Niko has a 10% stake in the D6 block, which is estimated to hold more than 9 trillion cubic feet (tcf) of gas.
Reliance last month cut its India gas reserves by 7% and the Indian government rejected its plan to recover USD 1.2 billion in costs at the gas field.
Niko Resources shares fell 48 Canadian cents, or 2%, to C$21.53 on the Toronto Stock Exchange on Wednesday. They are worth about a third of what they were a year ago.
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