Niko Resources in talks to sell noncore assets for 157M

CALGARY — Niko Resources Ltd. said Wednesday that it is in advanced talks to sell certain as non-core assets for $157-million.The Calgary-based oil and gas producer active in Asia and elsewhere says it hopes to sign definitive agreements with two separate purchasers by the end of April.Niko did not say what specific assets were up for sale or who the purchasers were, adding that further details would be provided as the transactions progress.Meanwhile, the company said talks were also ongoing with other third parties regarding farm-outs and other non-core asset dispositions, “with offers on certain of these expected in the next few weeks.”Niko Resources Ltd. is engaged in the exploration, development and production of natural gas and oil in India, Bangladesh, Indonesia, the Kurdistan region of Iraq, Trinidad, Pakistan and Madagascar.On the Toronto Stock Exchange, its shares closed down 14 cents, or 2.59 per cent, Tuesday at $5.27.

Leave a Reply

Your email address will not be published. Required fields are marked *