Nu-Oil and Gas PLC (AIM:NUOG) Update on Lease PL2002-01(A)

Very short and to the point RNS update today from Nu-Oil and Gas PLC, Share Talk is watching for the next update!

Update on Lease PL2002-01(A)

NU-Oil is pleased to announce that it has received informal confirmation from the Department of Natural Resources of the Provincial Government of Newfoundland and Labrador that its application to renew onshore petroleum lease PL2002-01(A), which expired on 11 August 2017, has been approved. The Company expects to receive formal confirmation during the course of today and will provide a further update then.


NU-Oil and Gas plc is an independent oil and gas company whose strategy is to build a diverse portfolio of assets with a strong emphasis on acquiring interests in stranded and marginal fields.  These fields are low-risk highly-appraised projects and consequently, the Company’s entry cost will be low.  NU-Oil will look to develop these assets utilising solutions delivered by Marginal Field Development Company (MFDevCo) and the MFD Consortium, which can significantly improve the development economics of a project. This is also expected to enable the early booking of reserves.

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