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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 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMNUOG
RNS Number : 3075G
Nu-Oil and Gas PLC
01 March 2018
1 March 2018
Nu-Oil and Gas plc
("Nu-Oil" or the "Company")
Placing to raise GBP2.0 million (gross)
Nu-Oil is pleased to announce that it has completed a placing of new ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") to raise GBP2.0 million in total before expenses. The Company placed 160,000,000 new Ordinary Shares (the "Placing Shares") at a price of 1.25p per Placing Share (the "Placing Price") to raise GBP2.0 million (before expenses) (the "Placing"). The Placing was organised by the Company's sole broker, Beaufort Securities Ltd. The Placing proceeds will be applied to general working capital and the continued implementation of the Company's stranded and marginal field strategy, in conjunction with the Marginal Field Development Company Ltd. ("MFDevCo"), in which it has a 50 per cent interest.
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 15 March 2018.
Following Admission, the Company will have 1,393,592,348 Ordinary Shares in issue. The Company holds 12,325,378 Ordinary Shares in treasury. Therefore, the figure of 1,381,266,970 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 Guidance and Transparency Rules.
In conjunction with the Placing, Nu-Oil has also issued 16,000,000 million warrants to Beaufort Securities Limited, with each warrant able to subscribe for one new Ordinary Share at the Placing Price, exercisable within 5 years from the date of Admission.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014
Alan Minty, Executive Chairman of Nu-Oil, commented:
"We are pleased to be able to complete this fundraise which supports the continued development of our stranded and marginal field strategy and allows us to strengthen the Company's financial position."
Enquiries
Nu-Oil and Gas plc Simon Bygrave Tel: +44 (0)161 817 7460 Investor Relations & Communications Nigel Burton Tel: +44 (0)7785 234447 Chief Executive Officer Strand Hanson Limited Tel: +44 (0)20 7409 3494 Rory Murphy/Ritchie Balmer/Jack Botros Beaufort Securities Limited Tel: +44 (0)20 7382 8300 Jon Belliss Elliot Hance
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").
This information is provided by RNS
The company news service from the London Stock Exchange
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March 01, 2018 02:00 ET (07:00 GMT)
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