February 14, 2013 / 11:36 AM / in 5 years

Niko's third-quarter loss doubles on falling gas output

Feb 14 (Reuters) - Canadian oil and gas producer Niko Resources Ltd doubled its third-quarter loss due to declining gas output from the Krishna Godavari (KG) D6 block off India’s east coast.

The company’s net loss widened to $93.7 million, or $1.64 per share, in the October-December quarter from $40.4 million, or 78 cents per share, a year earlier. It was the company’s seventh quarterly loss in a row.

Oil and natural gas revenue fell 38 percent to $46.5 million.

Niko has been struggling with a series of setbacks - abandoning wells in Indonesia and Trinidad, cutting its production forecast due to mechanical issues at one of its blocks in Bangladesh and dealing with declining volumes in India.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below