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March 27 (Reuters) - Canadian oil and natural gas producerNiko Resources Ltd said it was in advanced talks tosell some non-core assets for $157 million, nearly three weeksafter receiving "significant" offers for them.
Niko shares jumped 15 percent to C$6.06 on the Toronto StockExchange on Wednesday, making them one of the top percentagegainers on the exchange.
The company, known for its operations in India, said it isworking towards signing definitive agreements with two separatebuyers by April 30.
"Niko's balance sheet is under some pressure. They need tocomplete these asset sales and it looks they are making goodprogress toward that," said Nathan Piper of RBC Capital Markets.
There had been concerns that the sale program was not goingwell, he said.
The company, which also operates in Bangladesh, Pakistan,Madagascar and Iraq, has been struggling with a series ofsetbacks. It abandoned wells in Indonesia and Trinidad and cutproduction forecast due to mechanical issues at one of itsblocks in Bangladesh. It has also been dealing with decliningvolumes at the D6 Block off India's east coast.
Niko did not identify the assets or the potential buyers andChief Financial Officer Glen Valk declined to comment.
Piper said the company was most likely to sell itsexploration acreage in Trinidad and Indonesia.
Niko said last year it was in talks to sell non-core assetsand sign farm-out agreements that could raise $135 million inthe year ended March 31.
"It is somewhat larger than the number that they promised.They promised around $135 million and this morning they talkedof $157 million ... and that they are very close to completingthe deal is also positive," Piper said.
The Calgary-based company also said it was in talks withthird parties regarding farm-outs and other non-core assetsales. Offers are expected in the next few weeks, it said.
Niko shares were up 9 percent at C$5.74 in late morningtrading. They have lost almost half of their value in the pastthree months. (Reporting by Sandhya Vijayan in Bangalore; Editing by SrirajKalluvila)
