For the six months to December 31, the company's pretax loss widened to
The main area of expense over the period was spending on its marginal field strategy, the Nu-Oil said, adding it has identified and reviewed a large number of marginal fields, working with consortium members to convert a number of these "undervalued" opportunities into commercial assets.
"Such work is complex, and the company will realise the value when this investment results in the acquisition of projects in which investors can have a high degree of confidence that good returns, through each project's life, will be achieved," it said.
Canadian operations have been reduced to a minimum, Nu-Oil said, primarily through the agreements with PVF Energy Services and G2 Energy Inc, under which direct costs of Nu-Oil's Canadian assets are covered by those parties. Directly incurred costs in
"Nu-Oil has seen a strong turnaround over the last 18 months. The company's general financial position is steadily improving, activity continues on its assets in western
"The company has raised funds which it anticipates will allow it to conduct vital work in marginal field acquisition and we look forward to being able to share the results of that work in due course," Burton said.
Shares in the company were down 0.5% at
