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Niko Resources reports 160% surge in proved reserves

Stockhouse Editorial
0 Comments| June 13, 2013

Niko Resources (TSX: T.NKO, Stock Forum) Thursday announced reserve evaluations for its assets in India, Trinidad and Tobago, and Bangladesh, this according to a company news release.

Highlights included a 160% increase in total proved reserves to 550 Bcfe, resulting in a proved reserve replacement ratio of over 700%. As well, the evaluation shows a 110% increase in total proved plus probable reserves to 800 Bcfe, resulting in a proved plus probable reserve replacement ratio of more than 850%.

"Not reflected in these reserves is the recently announced MJ-1 gas condensate discovery in the D6 Block in India, which we feel could add significantly to future reserves," said Niko Resources Chairman, President, and CEO Edward Sampson.   

Tags: OIL & GAS E&P

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