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NUOG Nu-oil And Gas Plc

0.0275
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Nu-oil And Gas Plc LSE:NUOG London Ordinary Share GB00B29T9605 ORD 0.0001P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.0275 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Nu-Oil and Gas PLC Completion of Placing (6027M)

14/10/2016 1:16pm

UK Regulatory


Nu-oil And Gas (LSE:NUOG)
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RNS Number : 6027M

Nu-Oil and Gas PLC

14 October 2016

NU-OIL AND GAS PLC

AIM ticker: 'NUOG'

14 October 2016

NU-Oil and Gas plc

("NU-Oil" or "the Company")

Completion of Placing

Due to further institutional demand the Company is pleased to announce that it has completed a placing of 133,000,000 new Ordinary Shares (the "Placing Shares") with new and existing shareholders at a price of 0.4p per Placing Share (the "Placing Price") to raise GBP532,000 (before expenses). The Placing, which was oversubscribed, was organised by the Company's joint broker, Beaufort Securities Ltd. The Placing proceeds will be applied towards the implementation of the Company's stranded and marginal field strategy and for general working capital purposes.

The Company is making progress with its marginal and stranded field business model and is targeting, in conjunction with its investment company, Marginal Field Development Company Ltd., to secure projects which would be material to the Company. In addition, the Company is seeking to recommence activity and reposition its legacy assets in western Newfoundland. These activities are well advanced and the Directors will provide further updates in due course. The Directors do not expect there to be a need to undertake any further capital raises until material progress has been made with these activities.

The Placing is being carried out utilising the Company's current authority from its shareholders to issue shares for cash on a non pre-emptive basis.

Application will be made to the London Stock Exchange for the Placing Shares, which will rank pari passu with the existing Ordinary Shares in issue, to be admitted to trading on AIM ("Admission"). Admission is expected to become effective at 8.00 a.m. on 20 October 2016.

The Enlarged Issued Share Capital will be 627,792,348 Ordinary Shares. This figure of 627,792,348 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Warrants to subscribe for 13,300,000 new Ordinary Shares at the Placing Price, exercisable within 5 years from the date of Admission, have also been issued to Beaufort Securities Limited in connection with the Placing

Nigel Burton, CEO of NU-Oil, commented:

"The Directors are pleased that significant institutional support has allowed the Company to raise further funds to enable it to continue implementation of the business plan, with the particular aim of securing its first project using the low cost solutions devised and delivered by MFDevCo and the MFD Consortium."

Enquiries:

   NU-Oil and Gas                plc 
   Alan Minty, Executive Chairman              Tel: +44 161 817 7460 
   Nigel Burton, CEO                                           Tel: +44 7785 234447 
   Beaufort Securities Limited                         Tel: +44 20 7382 8300 

Jon Belliss

Elliot Hance

Cenkos Securities

   Neil McDonald                                                 Tel: +44 131 220 9771 
   Derrick Lee                                                          Tel: +44 131 220 6939 
   St Brides Partners Limited                            Tel: +44 20 7236 1177 

Elisabeth Cowell

Lottie Brocklehurst

www.nu-oilandgas.com

Note to Editors:

 
 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. 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

October 14, 2016 08:16 ET (12:16 GMT)

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