Niko to relinquish stake in D4 block in India

Last Updated: Tue, May 22, 2012 11:21 hrs

REUTERS - Canadian oil and gas producer Niko Resources Ltd said it will relinquish its interest in the D4 block at the Mahanadi basin, off India's east coast.

The company said this decision was the result of the current geological assessment related to the size and risk of the trapping mechanism as well as the current commercial environment in India.

Niko has a 15 percent interest in the D4 Block. Spread over 17,000 square kilometres, the block is in the exploration phase. (Reporting by Maneesha Tiwari in Bangalore; Editing by Joyjeet Das)

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