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BRIEF-Niko Unit Received A Default Notice From Operator Of D6 Production Sharing Contract In India

Published 2018-10-17, 09:23 a/m
BRIEF-Niko Unit Received A Default Notice From Operator Of D6 Production Sharing Contract In India
NKO
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Oct 17 (Reuters) - Niko Resources Ltd NKO.TO :

* NIKO PROVIDES CORPORATE UPDATE

* NIKO RESOURCES LTD - UNIT RECEIVED A DEFAULT NOTICE FROM OPERATOR OF D6 PRODUCTION SHARING CONTRACT IN INDIA

* NIKO RESOURCES - REQUESTED UNDER TERMS OF FACILITIES AGREEMENT SOME/ALL OF LENDERS GIVE SENIOR LOAN FACILITY FOR FUNDING OF D6 BLOCK EXPENDITURES

* NIKO RESOURCES - REQUESTED THAT ITS SENIOR LENDERS WAIVE DEFAULT UNDER THE DEFAULT NOTICE FROM OPERATOR OF D6 PSC

* NIKO RESOURCES LTD - DURING CONTINUANCE OF A DEFAULT, DEFAULTING PARTY SHALL NOT HAVE A RIGHT TO ITS SHARE OF REVENUE

* NIKO RESOURCES - IF DEFAULT UNDER D6 JOA NOT CURED OR CO TO WITHDRAW FROM D6 PSC & JOA, THERE WILL BE MATERIAL ADVERSE IMPACT ON CO'S STAKEHOLDERS

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