Niko Resources says CEO to retire at year-end

Reuters

Nov 20 (Reuters) - Canadian oil and gas producer NikoResources Ltd said Chief Executive Ed Sampson willretire at the end of the calendar year and will be replaced byFrederic Brace on an interim basis from Jan. 1.

The company, which has been trying to restructure debt, lastweek raised "significant" doubt about its ability to continue asa going concern.

Niko Resources also said it reached a settlement for up to$80 million in payments to Diamond Offshore Drilling Inc for drilling off Indonesia.

Niko's shares have shed almost half their value this monthand closed at C$1.69 on the Toronto Stock Exchange on Wednesday.

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