Niko Resources says CEO to retire at year-end

Wed Nov 20, 2013 8:24pm EST
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Nov 20 (Reuters) - Canadian oil and gas producer Niko Resources Ltd said Chief Executive Ed Sampson will retire at the end of the calendar year and will be replaced by Frederic Brace on an interim basis from Jan. 1.

The company, which has been trying to restructure debt, last week raised "significant" doubt about its ability to continue as a 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 month and closed at C$1.69 on the Toronto Stock Exchange on Wednesday.