(Alliance News) - Nu-Oil & Gas PLC on Wednesday said it is in "advanced" discussions for two potential acquisitions.
The cash shell, which is currently suspended from trading, said a search for a reverse takeover "led to the development of a portfolio of other potential projects".
Two of those projects are "being actively progressed by NUOG which is now in advanced negotiations with the respective counter parties involved".
"The board remains confident that it will conclude a transaction which will constitute a reverse takeover within the stipulated timeframe under AIM Rule 15 and will update shareholders accordingly," Nu-Oil said.
By Eric Cunha; ericcunha@alliancenews.com
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