(Alliance News) - Nu-Oil and Gas PLC said Tuesday its interim loss narrowed substantially on lower costs, as it made the transition into an AIM Rule 15 cash shell.
For the six months to the end of December, the former exploration and production company reported a pretax loss of GBP243,000, down from GBP972,000 the year before, as costs dropped.
During the year, Nu-Oil conducted several measures to prevent itself from going into administration in early October.
These include the restructuring of its board of directors, the sale of its 50% interest in Marginal Field Development Co Ltd, and the return of equity held in Enegi Oil Inc.
Looking ahead, Nu-Oil said its focus will be on environmental industries and has made good progress in evaluating potential targets in this sector.
Nu-Oil said there is no guarantee of a reverse takeover occurring within its allotted timeframe.
Shares in Nu-Oil & Gas closed 20% lower at 0.020 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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