Niko Provides Update on NEC-25
CALGARY, ALBERTA -- (Marketwire) -- 04/01/13 -- Niko Resources Ltd.
("Niko" or the "Company") (TSX:NKO), is pleased to announce that the
field development plan for the NEC-25 Block in India was submitted on
March 28, 2013 to the Government of India for approval.
An independent reservoir engineering firm is currently working on
their reserves and economic evaluation for Niko's interest in the
NEC-25 Block, and with field development plans submitted and
increased clarity on future gas prices for the developments, the
Company expects to book reserves for the NEC-25 Block and other
planned development projects in its portfolio, effective March 31,
Certain statements in this press release constitute forward-looking
information. Specifically, this press release contains
forward-looking information relating to the development of NEC-25 in
India and Company's expectation regarding the assignment of
additional reserves relating to certain planned development projects.
This forward-looking information is based on certain key expectations
and assumptions including, in respect of the development of NEC-25,
receipt of all requisite approvals of the Government of India,
project sanctioning by the operator and the Company and the
availability of capital to fund the future development costs
associated therewith and, in respect of the Company's expectation of
the assignment of reserves, includes the assumption that resources
identified in NEC-25 will be commercially recoverable based on future
economic conditions. The reader is cautioned that the assumptions
used in the preparation of such information, although considered
reasonable at the time of preparation, may prove to be incorrect.
There can be no assurance that the field development plan in respect
of NEC-25 will be approved by the Government of India on the terms
set forth in the development plan or at all. Further the estimation
and classification of reserves requires the application of
professional judgment combined with geological and engineering
knowledge to assess whether or not specific reserve classification
criteria have been satisfied. As a result, there is an inherent
degree of uncertainty associated with the determination of reserves.
Readers are cautioned that actual results may vary from the
information provided herein as a result of numerous known and unknown
risks and uncertainties and other factors and such variations may be
material. Such factors include, but are not limited to: risks and
uncertainties associated with obtaining approvals of foreign
governments, including the risk that approvals may be delayed or
withheld; uncertainties associated with estimates and projections
relating to future production, commodity prices in India,
development, production and abandonment costs; and uncertainties
associated with geological interpretations. Niko makes no
representation that the actual results achieved will be the same in
whole or in part as those set forth in the forward-looking
information contained herein.
Niko Resources Ltd.
Chairman of the Board, President & CEO
Niko Resources Ltd.
VP Finance & CFO
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