Niko Resources Ltd.
NKRSF
Other OTC0.00
USD
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Niko Resources Ltd.
NKRSF
(Other OTC)
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ROIC.AI
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- Business
- Niko Resources Ltd. (NKRSF) is an independent oil and natural gas exploration, development and production company focused primarily on assets in India and Bangladesh. The company offers exploration and production services through its interests in key projects including the Hazira onshore and offshore gas field in Gujarat, India; the D6 block offshore India, encompassing natural gas and associated MA oil fields; and the Block 9 production sharing contract in Bangladesh, involving gas and condensate production. Incorporated in 1987 and headquartered at Suite 2700, 255 – 5th Avenue SW, Calgary, Alberta, Canada T2P 3G6, Niko Resources previously held exploration interests across multiple countries such as Indonesia, Trinidad, Pakistan, Kurdistan and Madagascar, though current operations emphasize South Asia. The company's core products consist of natural gas and crude oil extracted from its legacy fields, with historical production from the Hazira field (33% owned, compliant with ISO and OHSAS safety standards) contributing modest revenue alongside the larger D6 block (10% interest, major gas discovery with processing facilities) and Block 9 (60% interest). Target markets include national oil companies like Petrobangla in Bangladesh and Reliance Industries as joint venture partners in India, serving domestic energy demands under long-term sales contracts and spot markets. Geographic operations span onshore and offshore blocks in India and Bangladesh, with discontinued activities in Brazil, Indonesia, Pakistan and Trinidad reported in recent financials. In recent developments, Niko Resources continues to pursue ICSID arbitration claims in Bangladesh, including a $44 million Payment Claim award upheld in October 2023 against Petrobangla for unpaid gas deliveries from the Feni field (2004-2010), alongside ongoing Compensation and Block 9 Claims with final hearings completed in late 2023; no revenue recognition has occurred pending enforcement. The company received a $1.8 million income tax refund in India in July 2022, restricted for arbitration and administrative costs, and reversed $7.4 million in provisions related to prior Indian interests in fiscal 2024. To conserve cash amid limited resources, ongoing Facilities Agreement defaults since 2018, and going concern uncertainties, the board approved contingent-fee service arrangements effective July 2024 for executive and director services via a corporation owned by its CEO and CFO, while focusing efforts on realizing value from Bangladesh claims and Indian tax refunds primarily for senior lender benefit under the Waterfall Distribution.