--(Marketwired - ) - ("Niko" or the "Company") (TSX:NKO) announces that press reports in are indicating that the ("CCEA") of the Government of has approved a new pricing formula for domestic gas sales in . The pricing formula is based on the average of the prices of imported LNG into and the weighted average of gas prices in , and . For the D6 Block in , the pricing formula will be effective on upon expiry of the current gas sales contracts on . Based on information provided in the press, the gas price as at will be around / MMbtu, double the price of / MMbtu for current gas sales from the D6 Block, and prices are expected to be revised quarterly using the approved formula.
Details of the CCEA decision are expected to be released in the next few days.
Forward-Looking Information
Certain statements in this press release constitute forward-looking information. These forward looking statements are based on certain key expectations and assumptions of management. The reader is cautioned that the assumptions used in the preparation of such forward looking information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors and such variations may be material.
FOR FURTHER INFORMATION PLEASE CONTACT: Chairman of the Board, President & CEO (403) 262-1020 VP Finance & CFO (403) 262-1020 www.nikoresources.com