8 Jul 2020 07:00
8 July 2020
Nu-Oil and Gas plc
("the Company" or "NUOG")
Update on Proposed RTO Transaction
Nu-Oil and Gas PLC (AIM:NUOG), the AIM Rule 15 cash shell, updates shareholders that the proposed transaction, as announced on 14 April 2020, is no longer proceeding despite efforts to agree mutually acceptable terms.
NUOG's search for independent projects, of which the proposed transaction referred to above was one, has led to the development of a portfolio of other potential projects, two of which are now being actively progressed by NUOG which is now in advanced negotiations with the respective counter parties involved.
The Company was designed an AIM Rule 15 cash shell on 4 November 2019. In accordance with the provisions of AIM Rule 15, the Company's Ordinary Shares therefore remain suspended from trading on AIM until an AIM Admission Document is published in respect of a reverse takeover transaction.
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.
Enquiries
Nu-Oil and Gas plc | |
Investor Relations & Communications | Tel: +44 (0)20 3411 8737 |
Strand Hanson Limited Rory Murphy/Ritchie Balmer/Jack Botros | Tel: +44 (0)20 7409 3494 |
Novum Securities Limited | Tel: +44 (0)20 7399 9425 |
Jon Bellis |
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").