October 19, 2012 / 2:12 PM / in 5 years

Niko Resources cuts FY production outlook, shares fall

Oct 19 (Reuters) - Canadian oil and gas producer Niko Resources Ltd cut its full-year production forecast by about 4 percent due to mechanical issues at one of its blocks in Bangladesh.

Shares of the company fell as much as 15 percent to C$11.73 on the Toronto Stock Exchange. They were one of the top percentage losers on the exchange.

The company forecast production to be 168 million cubic feet equivalent per day (MMcfe/d) for the full-year ending March 31, 2013, lower than 175 MMcfe/d it forecast earlier.

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