CALGARY, ALBERTA--(Marketwire - April 1, 2013) - Niko Resources Ltd. ("Niko" or the "Company") (NKO.TO), 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, 2013.
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.
- Investment & Company Information
- Government of India
Chairman of the Board, President & CEO
Niko Resources Ltd.
VP Finance & CFO