November 12, 2009 / 11:49 AM / in 9 years

UPDATE 1-Niko Resources posts Q2 profit

* Q2 EPS $0.90 vs loss $0.46 year -ago

* Q2 rev up 223 pct to $77.9 mln

* Says D6 block production up 77 pct sequentially

Nov 11 (Reuters) - Niko Resources Ltd (NKO.TO) posted a quarterly profit, as the Canadian oil explorer benefitted from the continued ramp up of production from its oil property in India.

For the second quarter ended Sept. 30, the company earned $45.1 million, or 90 cents a share, compared with a loss of $22.4 million, or 46 cents a share, a year ago.

Revenue rose to $77.9 million, from $24.1 million.

The company, which owns a 10 percent working interest in D6 block in India’s Krishna-Godavari basin along with Reliance Industries (RELI.BO), said production from the gas field was 118 mmcf/d in the quarter, up 77 percent sequentially.

Niko said it has signed gas sales contracts totalling 191 mmcf/d and expects to add significantly to this total before the end of the month.

Shares of the company closed at C$86.82 Wednesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Anil D’Silva)

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