Niko Closes Sale of North Ganal PSC Offshore East Kalimantan to Ophir

Canada's Niko Resources Ltd. reported Wednesday that its subsidiary holding an interest in the North Ganal Production Sharing Contract (PSC), located offshore East Kalimantan, Indonesia, has closed the sale to Ophir Energy plc, the company said Wednesday in its release of results for the third quarter of fiscal 2016 ending Dec. 31, 2015.

Niko will gain a net cash consideration of $1.5 million from the sale of its interest in the Eni-operated North Ganal PSC after working capital adjustments, but the proposed sale of its "interest in one additional Indonesian PSC (North Makassar Strait) will not proceed under mutual agreement of the parties," the firm said in a press release.

The Calgary-based firm closed its Indonesian office and discontinued operating activities related to its remaining Indonesia PSCs in the second quarter of fiscal 2016.

Niko revealed that as of Dec. 31, 2015, its exploration subsidiaries that previously held interests in Indonesian PSCs had $62 million of accounts payable and accrued liabilities as well as $139 million of recorded liabilities for unfulfilled exploration work commitments.

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