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

Source : REUTERS
Last Updated: Thu, Feb 14, 2013 11:40 hrs

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.

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