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

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