Niko to sell stake in offshore Trinidad block 5(c)

Offshore staff

CALGARY, CanadaNiko Resources Ltd (TSX: NKO) reports that the government of Trinidad and Tobago has approved its sale of a 25% interest in block 5(c) in Trinidad and Tobago to a subsidiary of the BG Group, 75% interest owner and operator of the block, for gross proceeds of $62 million.

Under the terms of the agreement, a deposit for a portion of the gross proceeds was paid to Niko in early April, and the remaining proceeds, adjusted for closing adjustments, is to be paid to Niko prior to the end of June.

06/13/2014

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...