The entire Niko team is proud of our accomplishments during the past year.
Chief Executive Officer's Message
I am pleased to write to you as the new CEO of Niko Resources Ltd. I believe my long history with Niko and extensive international experience provide me with the necessary skill set and background needed to lead the Company through the many challenges that we face, as we seek to achieve our overarching goal of enhancing value and ultimately monetizing the Company’s core assets for the benefit of all its stakeholders.
The ability of the Company to fund its operations over the next several months has been significantly impacted by the continued non-payment of amounts due for natural gas and condensate delivered from Block 9 in Bangladesh. We continue to actively pursue resolution of the situation in Bangladesh and believe we are making progress towards a resolution.
Faced with this liquidity concern, we have been diligently pursuing other options to enhance the Company’s cash resources. We are actively marketing our interest in the D6 Block in India and we have initiated efforts to obtain financing for planned developed projects in the D6 Block. Also, as you may expect, we continue to ensure that we maintain close relationships with our lenders. While I believe these efforts could potentially provide a solution to our liquidity situation and achieve our Company’s overarching goal, no assurance can be made that these efforts will provide a solution on a timely basis or at all.
The Company announces that Mr. Frederic F. (Jake) Brace has resigned from the Board of Directors of the Company due to unrelated business commitments. The Company will retain Mr. Brace as an advisor to the board.
To our employees and stakeholders, the management and the Board of your company wish to thank you for your support during these difficult times. While we remain hopeful, we acknowledge that much work has to be done and we are committed to doing our best for the benefit of all stakeholders.
William Hornaday – Chief Executive Officer, Niko Resources Ltd.