Nov 20 Canadian oil and gas producer Niko
Resources Ltd said Chief Executive Ed Sampson will
retire at the end of the calendar year and will be replaced by
Frederic Brace on an interim basis from Jan. 1.
The company, which has been trying to restructure debt, last
week raised "significant" doubt about its ability to continue as
a going concern.
Niko Resources also said it reached a settlement for up to
$80 million in payments to Diamond Offshore Drilling Inc
for drilling off Indonesia.
Niko's shares have shed almost half their value this month
and closed at C$1.69 on the Toronto Stock Exchange on Wednesday.