August 13, 2012 / 10:33 PM / 6 years ago

Niko posts bigger loss on lower output

(Reuters) - Canadian oil and gas producer Niko Resources Ltd’s (NKO.TO) posted a bigger quarterly loss as costs related to its D6 block, off India’s east coast, rose and output from the block fell.

Niko, which explores for oil and gas in southeast Asia and the Caribbean, has been grappling with lower natural gas reserves at the D6 block.

Net loss for the first quarter was $92.1 million or $1.78 per share, compared with $54.98 million, or $1.07 per share, a year ago.

Oil and natural gas revenue fell to $55.1 million from $88.3 million, a year ago.

The company produced 188,854 thousand cubic feet equivalent per day (Mcfe/d) during the quarter, down from 246,379 Mcfe/d last year.

Shares of Niko closed at C$17.26 on Monday on the Toronto Stock Exchange.

Reporting by Maneesha Tiwari in Bangalore

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