Niko Resources - world class nat gas producer in India

B . Niko Resources*Give me a sign, any sign!When markets sell off like they did last week, any positive sign should be taken to heart. Niko, which recently raised $500-million by issuing 4.762 million shares at $105.00 apiece, has seen its shares tumble with the market downturn. Shares are down about 20% from were Niko raised their money. Insider reports, which were filed late last week, show Niko’s President and CEO buying nearly $1 million (12,600 common shares at prices ranging from $79.30-79.90) of stock through the public market. That’s a nice sign. The current market weakness may have created a buying opportunity. Canaccord Adams Oil & Gas Analyst Terry Peters says that while equity markets are struggling, Niko’s fundamentals are on solid ground. The company has over $600 million in cash, will have access to another $600 million through its credit facility, and is less than 12 months away from the start up of the largest offshore gas field in India that at its current planned peak, would take Niko’s total production to over 450 mmcf/d over the next 24 months, from the current 85 mmcf/d. In addition, the exploration component in Niko continues to provide high-impact potential, through additional drilling at D6, NEC25, D4, Cauvery, and in time Pakistan.
from http:www.amprogram.com