2 Mar 2018 13:20
2 March 2018
Nu-Oil and Gas plc
("Nu-Oil" or the "Company")
Appointment of Company Broker
Nu-Oil notes the announcement made today by the Financial Conduct Authority relating to the administration of Beaufort Securities Limited ("Beaufort") and Beaufort Asset Clearing Services Limited, which requires Beaufort to cease all regulated activity.
Accordingly, Nu-Oil announces the appointment of Strand Hanson Limited as the Company's broker with immediate effect.
Further, the Company notes that Beaufort was the broker with respect to the placing to raise £2 million (gross) announced on 1 March 2018 (the "Placing"). The Company is in discussion with its advisers as to the implications for that Placing and whether it can be completed. The Company will update the market in due course. As at the date of this announcement, the Company has not received any of the proceeds from the Placing. Accordingly, as yet there has been no application for, or issue of, the 160,000,000 new ordinary shares of 0.1 pence each to be admitted to trading on AIM and any action has been put on hold until the Company has clarity on the matter. The fundamental operations of the Company remain unaffected irrespective of the outcome of those discussions.
Enquiries
Nu-Oil and Gas plc | |
Simon Bygrave Investor Relations & Communications | Tel: +44 (0)161 817 7460 |
Nigel Burton Chief Executive Officer | Tel: +44 (0)7785 234447 |
Strand Hanson Limited Rory Murphy/Ritchie Balmer/Jack Botros | Tel: +44 (0)20 7409 3494 |
Note to Editors
The Company
Nu-Oil is a development and production company, which utilises appropriate development approaches to create value from undeveloped and mature oil and gas assets. Nu-Oil is building a portfolio of development and production assets with an emphasis on stranded and marginal discoveries which can be unlocked using cost-effective development solutions.
Nu-Oil targets thoroughly appraised fields located in basins with stable political and regulatory regimes. By doing so Nu-Oil minimises exposure to the risks associated with frontier plays, particularly exploration and appraisal risks.
Marginal Field Development Company Ltd. ("MFDevCo"), in which both Nu-Oil and RMRI Ltd., a company controlled by Alan Minty, hold a 50% interest, has developed offshore production solutions that improve the economics of oil projects by significantly lowering development costs compared to conventional approaches. To implement its solutions, MFDevCo has established the Marginal Field Delivery Consortium ("the Consortium"), a group of leading global engineering specialists who provide the skills and capability required to deliver projects. Nu-Oil will utilise MFDevCo solutions and the capability within the Consortium to develop and deliver its projects.
www.nu-oilandgas.com
Disclaimer
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").