Niko Resources Ltd NKRSF

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I thought that Niko said yesterday in their update that their accounts had not been frozen? Which is it? Niko says it has tapped natural gas offshore India Patrick Brethour 00:00 EST Wednesday, Sep 14, 2005 Niko Resources Ltd. says its latest exploration well has tapped into a major natural-gas discovery offshore India, even as it becomes embroiled in legal woes in neighbouring Bangladesh. The company said yesterday that its NEC-25 block could contain as much as eight trillion cubic feet of natural gas, while emphasizing that the figure is based on a much more expansive measure than that used to calculate booked reserves under Canadian rules. Niko holds a 10-per-cent gross interest in the wells, giving it that proportion of overall reserves. Meanwhile, Niko said its bank account in Bangladesh has been frozen, and that it has been given formal notice that several Bangladeshis intend to sue the company in relation to two natural gas flaring incidents this year. Niko said the suspended bank account is used to pay local accounts and does not impede its overall liquidity. NKO (TSX) fell $1.75 to $53.25. © Copyright The Globe and Mail