Niko's third-quarter loss doubles on falling gas output

Thu Feb 14, 2013 7:18am EST
 
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(Reuters) - Canadian oil and gas producer Niko Resources Ltd (NKO.TO: Quote) doubled its third-quarter loss due to declining gas output from the Krishna Godavari (KG) D6 block off India's east coast.

The company's net loss widened to $93.7 million, or $1.64 per share, in the October-December quarter from $40.4 million, or 78 cents per share, a year earlier. It was the company's seventh quarterly loss in a row.

Oil and natural gas revenue fell 38 percent to $46.5 million.

Niko has been struggling with a series of setbacks - abandoning wells in Indonesia and Trinidad, cutting its production forecast due to mechanical issues at one of its blocks in Bangladesh and dealing with declining volumes in India.

(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sreejiraj Eluvangal)