Signals, Powered By EquityPandit
Niko Resources of Canada which is Reliance Industries’ partner has put on sale its 10 percent stake in the flagging KG-D6 gas block off the east coast.
In February last year, Niko had announced plans of selling its 10 percent stake in the KG-DWN-98/3 or KG-D6 block to pay off USD 340 million debt. The sell off had been planned by it by April 30, 2015 but later extended it to May 31 and then to September 15, 2015. As it could not find a buyer it called the sale off.
Robert Ellsworth, interim Chief Executive of the firm has said that the company had “re-launched the sales process for our interest in the D6 Block” due to “favourable developments with respect to natural gas pricing applicable to the company’s undeveloped deep water fields.”
