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05 November 2019
Nu-Oil and Gas plc
("Nu-Oil" or "the Company")
Admission of New Ordinary Shares
Further to the Company's announcement on 4 November 2019, the Company confirms that Admission (as defined in the Company's announcement of 4 November 2019) is now expected to commence on 7 November 2019.
RNS Number : 1944S
Nu-Oil and Gas PLC
04 November 2019
4 November 2019
Nu-Oil and Gas plc
("Nu-Oil" or "the Company")
Results of General Meeting
Further to the Company's announcement of 11 October 2019 and its posting of the Circular, the Company announces all Resolutions were approved by Shareholders at the General Meeting held earlier today in London. Accordingly, the Company will proceed with the Proposals outlined in the Circular.
AIM Rule 15
The sale of the Company's 50% interest in MFDevCo to RMRI has become effective. Therefore, the Company is now deemed to be an AIM Rule 15 cash shell and is required to make an acquisition (or acquisitions) which constitutes a reverse takeover under AIM Rule 14 on or before the date falling six months from today or be suspended from trading on AIM. The Company does not intend to re-admit to trading on AIM as an investing company under AIM Rule 8.
Board Appointments and Future Strategy
Nu-Oil announces the appointment of Mr Jay Bhattacherjee and Mr Andrew Dennan, as Non-Executive Chairman and Non-Executive Director, respectively. Mr Bhattacherjee and Mr Dennan join the Board alongside Non-Executive Directors, Graham Scotton and Frank Jackson.
The reconstituted Board intends to complete an acquisition in the oil & gas space within six months.
Mr Bhattacherjee and Mr Dennan have each been granted options over 90 million New Ordinary Shares (exercisable at a price of 0.0625 pence per New Ordinary Share, and with a 5 year term) and are both shareholders in C4 Energy Ltd, which is interested in the Loan Notes that can be converted into a maximum of 5 billion New Ordinary Shares, subject to a restriction preventing conversion of such amount that would result in C4 Energy Ltd holding more than 29.9% of the share capital of the Company as enlarged by the issue of the New Ordinary Shares pursuant to any conversion.
Admission and total voting rights
Following approval of the Share Capital Restructuring, which has resulted in the creation of 1,498,726,550 New Ordinary Shares (of 0.0001 pence each), and in anticipation of the issue of the 1,000,000,000 Placing Shares and the 91,666,667 Settlement Shares, application has been made for the admission of, in aggregate, 2,590,393,217 New Ordinary Shares to be admitted to trading on AIM ("Admission"). Admission is expected to become effective at 8.00 a.m. on 6 November 2019.
Following Admission, the Company will have 2,590,393,217 shares in issue, with 12,445,378 of such shares held in treasury. Accordingly, the total voting rights in the Company will be 2,577,947,839, which can be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Unless stated otherwise, defined terms in the text above are as per
Coro has announced the spudding of
Nu-Oil & Gas
Spotted whilst away was the change of direction for NUOG where lender Shard has sold its loan to C4 Energy as well as increasing the balance to £2.5m. The loan is interest free and unsecured with a convert at 0.05p and capped at 29.9% by C4. Alongside this there is a placing to raise £0.5m with subscribers introduced by C4 at the same price.
The company are also selling off the 50% interest in the Marginal Field Development Company to RMRI for the release of debts of £1.23m due to that company and Alan Minty. With the decks cleared and new management coming in it looks like a relaunch for NUOG with some serious new backers…
According to all international studies and scenarios, the current rate of development in Europe is not enough for offshore wind to reach the goals of the Paris Climate Agreement for Europe. An accelerated, large-scale and internationally coordinated expansion is necessary.”
TenneT’s total offshore transmission capacity in the North Sea will exceed 7GW by the end of the year, above the German government's target for the North and Baltic Seas of 6.5GW by 2020.
During his visit to BorWin5's construction site on the North Sea island Norderney (pictured), Lower Saxony Prime Minister Weil said: “In both offshore and onshore we need more wind energy production in Lower Saxony in order to meet our climate targets for 2030 and in the long term until 2050.”
Weil also advocated the use of electricity-to-gas conversion and transmission.
“Northern Germany is predestined for a successful hydrogen economy and Lower Saxony is ready to realise the full potential of green hydrogen,” he said adding that the region already has the necessary infrastructure for storage, transport and distribution of large quantities of the gas.
Take time to chew on this cimment from the priject manager.
This technology is clearly primed to solve some critical issues in the UK and is actively supported by government.
Peter-Giles Robinson, Projects Manager
Come on Roy's.. why keep a good thing quiet. We need investment so articles are only part of the strategy to get interest. Yes..it's going to take time but credibility is rising albeit very slowly. Keep the faith my friend...and maybe have another punt when it gets above 0.50.
To safeguard grid stability and system flexibility and to facilitate a cost-efficient long-term future roll-out on the North Sea, a fundamentally new approach to long term offshore grid planning is required, combining wind power in-feed, interconnection and potential sector coupling and storage; characterized by an internationally coordinated roll-out of the North Sea Infrastructure.
On the long term (after 2030), once large scale, far offshore wind areas are ready for development, an artificial island, instead of a platform, could be developed as a central hub to support the necessary energy evacuation infrastructure e.g. electrical or power to gas conversion. The island could also host installation and O&M activities for OWF developers, as well as linking interconnectors and offshore wind farms to several countries. This concept, the North Sea Wind Power Hub (NSWPH), is further being explored by a consortium existing of TenneT Germany, TenneT Netherlands, Energinet, Gasunie and the Port of Rotterdam.
Tuesday 8 October 2019
Linking the grid
Climate agreements offer challenges on a global scale, but there are also developments that need to be tackled regarding the whole offshore grid. With Increased electricity production, an increased focus is required to effectively get the power to shore. Linking through interconnecting high-voltage grids means more international cooperation. The reliability and stability of the electricity supply is key. Three leading experts will share their views.
Manon van Beek, CEO, TenneT
PROMOTioN project, Speaker TBD
When offshore wind starts dating
Some challenges, such as renewable energy powering the future, bring industries closer together. So if offshore wind would start dating? Which relationships will be there to last? For instance, the growing cooperation between the offshore gas and wind industry could potentially be nurtured by, among others, energy islands at sea
GTW presentation was part of todays conference.......momentum!!
The crucial role of Vision 2035 in driving the continued competitiveness of the UKCS will come under the spotlight at the OGUK Industry Conference.
With a 2019 conference theme of 'An Industry in Transition', delegates will hear industry leaders and keynote speakers reflect on the people, business processes and diversification opportunities needed to unlock growth as the sector continues to emerge from one of the toughest downturns in its history.
At the heart of the agenda is industry’s shared ambition for the future – Vision 2035 – which looks to add a generation of productive life to the UK Continental Shelf and expand supply chain opportunities at home, abroad and into other sectors.
The agenda will take on three broad areas; energy transition, business transition and people transition.
More than 500 people attended the last conference – with leading figures from industry, government, the regulators, academia and other trade associations.
In a major year for the UK offshore oil and gas industry and for the UK, the 2019 event is expected to a very big draw. Book your place – and secure an opportunity to network with industry’s biggest names!