August 12, 2010 / 11:21 AM / 7 years ago

UPDATE 1-Niko Resources Q1 profit jumps on India gains

* Q1 EPS $0.77 vs $0.41 yr ago

* Revenue more than doubles

* Total production 301,330 mcfe/d vs 159,884 mcfe/d yr ago

Aug 12 (Reuters) - Canadian oil and gas company Niko Resources Ltd’s (NKO.TO) quarterly profit nearly doubled, helped mainly by higher oil production at its key project in India. For the first quarter ended June 30, net income rose to $39.8 million, or 77 cents a share, from $20.4 million, or 41 cents a share, a year ago.

Oil and gas revenue for the company, which owns a 10 percent working interest in D6 block in India’s Krishna-Godavari basin with Reliance Industries (RELI.BO) owning the rest, more than doubled to $116.5 million.

Oil production at the D6 block rose due partly to additional wells put on-stream, the company said in a statement.

Total production was up 88 percent at 301,330 mcfe/d in the quarter, Niko said. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Gopakumar Warrier)

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