TAKEPLACE: NIKO STOCK GETS A BOOST AFTER DEAL WITH BP

Tuesday, February 22, 2011

NIKO STOCK GETS A BOOST AFTER DEAL WITH BP

CALGARY - Stock in Calgary-based Niko Resources Ltd. (TSX:NKO) continued its weeklong climb, jumping $1.45 to $84.89 on Tuesday morning after announcing it will be able to increase by 30 per cent its stake in three offshore Indian oil and gas fields.

The provision was triggered when its Indian partner, Reliance Industries, which owns 90 per cent of the exploration blocks it shares with Niko, announced Monday it would bring in BP PLC as a 30 per cent partner in 23 oil and gas blocks in a deal valued at $7.2 billion US. VANCOUVERSUN

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