Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

Niko Announces Indian Press Reports Indicating Approval of Increased Gas Price for D6 Gas Sales


Niko Announces Indian Press Reports Indicating Approval of Increased Gas Price for D6 Gas Sales

CALGARY, ALBERTA -- (Marketwired) -- 06/27/13 -- Niko Resources Ltd. ("Niko" or the "Company") (TSX:NKO) announces that press reports in India are indicating that the Cabinet Committee of Economic Affairs ("CCEA") of the Government of India has approved a new pricing formula for domestic gas sales in India. The pricing formula is based on the average of the prices of imported LNG into India and the weighted average of gas prices in North America, Europe and Japan. For the D6 Block in India, the pricing formula will be effective on April 1, 2014 upon expiry of the current gas sales contracts on March 31, 2014. Based on information provided in the press, the gas price as at April 1, 2014 will be around $8.40 / MMbtu, double the price of $4.20 / MMbtu for current gas sales from the D6 Block, and prices are expected to be revised quarterly using the approved formula.

Details of the CCEA decision are expected to be released in the next few days.

Forward-Looking Information

Certain statements in this press release constitute forward-looking information. These forward looking statements are based on certain key expectations and assumptions of management. The reader is cautioned that the assumptions used in the preparation of such forward looking information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved 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. Contacts: Niko Resources Ltd. Edward Sampson Chairman of the Board, President & CEO (403) 262-1020

Niko Resources Ltd. Glen Valk VP Finance & CFO (403) 262-1020 www.nikoresources.com

Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement