Niko Resources Ltd.

Niko Resources Ltd.

September 09, 2010 16:30 ET

Niko Announces Doubling Its Quarterly Dividend and Trinidadian Acreage

CALGARY, ALBERTA--(Marketwire - Sept. 9, 2010) - Niko Resources Ltd. ("Niko" or "Company") (TSX:NKO) is pleased to announce a doubling of its quarterly dividend from $0.03 per share to $0.06 per share resulting in an annual dividend of $0.24 per share. The increased dividend will commence in the current quarter for shareholders on record at September 30, 2010 and be payable on October 15, 2010.

Niko, as the successful bidder on three new exploration blocks offshore Trinidad, will more than double its acreage in the country to approximately 1.9 million acres. The award of these blocks is subject to approval of the bid terms by the Government of Trinidad and Tobago. The interests in the three blocks will be as follows:

  • Block 4(b): Niko 100%
  • NCMA 2: Niko - 56%; RWE Dea AG - 24%; Petroleum Company of Trinidad and Tobago ("Petrotrin") – 20%
  • NCMA 3: Niko – 80%; Petrotrin – 20%

Block 4(b) is located off the east coast of Trinidad on trend with British Gas's Dolphin and Dolphin Deep producing gas fields and adjacent to Block 5(c), which includes the Bounty, Endeavour and Victory discoveries. NCMA 2 and NCMA 3 are located off the north coast of Trinidad adjacent to NCMA 1, which is owned by British Gas, Petrotrin, Eni and Centrica and includes the producing Hibiscus, Poinsettia and Chaconia gas fields.

Certain statements in this press release are forward-looking statements. Specifically, this press release contains forward-looking statements relating to management's approach to operations, estimates of future sales, production and deliveries, business plans for drilling and development, estimated amounts and timing of capital expenditures, anticipated operating costs, royalty rates, cash flows, transportation plans and capacity, anticipated access to infrastructure or other expectations, beliefs, plans, goals, objectives, assumptions and statements about future events or performance. The reader is cautioned that the assumptions used in the preparation of such information, although considered reasonable by Niko at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil and gas prices; the results of exploration and development drilling and related activities; the uncertainty of estimates and projections relating to productions, costs and expenses; uncertainties as to the availability and cost of financing; fluctuations in currency exchange rates; the imprecision in reserve estimates; risks associated with oil and gas operations, such as operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; the weather in the Company's area of operations; the ability of suppliers to meet commitments; changes in environmental and other regulations; actions by governmental authorities including changes in laws and increases in taxes; decisions or approvals of administrative tribunals; risks in conducting foreign operations (for example, political and fiscal instability or the possibility of civil unrest or military action in countries such as India and Bangladesh); the effect of acts of, or actions against international terrorism; and other factors, many of which are beyond the control of Niko. There is no representation by Niko that the actual results achieved during the forecast period will be the same in whole or in part as those forecast.

Contact Information

  • Niko Resources Ltd.
    Edward S. Sampson
    Chairman of the Board, President & CEO
    (403) 262-1020
    Niko Resources Ltd.
    Murray Hesje
    VP Finance & CFO
    (403) 262-1020