February 9, 2012 / 11:53 AM / 6 years ago

UPDATE 1-Niko Resources posts loss on lower gas production

Feb 9 (Reuters) - Canadian oil and gas producer Niko Resources Ltd posted a third-quarter loss hurt by lower natural gas production from the D6 block off India’s east coast.

The D6 block, which is 90 percent owned by India’s Reliance Industries, contributed 79 percent of Niko’s total production in 2011.

Niko’s October-December loss was $40.4 million, or 78 cents a share, compared with a profit of $25.8 million, or 50 cents a share, a year ago.

Revenue fell about a quarter to $74.79 million.

Natural gas production at the D6 block was 143 million metric cubic feet per day (MMcf/d) during the quarter compared with 195 MMcf/d a year ago.

Shares of Niko closed at C$47.79 on Wednesday on the Toronto Stock Exchange. (Reporting by Shounak Dasgupta in Bangalore; Editing by Don Sebastian)

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