Nu-Oil and Gas PLC Renewal of Lease PL2002-01(A) (0936O)
16 August 2017 - 4:00PM
UK Regulatory
TIDMNUOG
RNS Number : 0936O
Nu-Oil and Gas PLC
16 August 2017
NU-OIL AND GAS PLC
AIM ticker: 'NUOG'
16 August 2017
NU-Oil and Gas plc
("NU-Oil" or "the Company")
Renewal of Lease PL2002-01(A)
Further to the announcement of 14 August 2017, NU-Oil is pleased
to announce that it has now received formal confirmation of the
renewal of onshore petroleum lease PL2002-01(A) in Western
Newfoundland, Canada, which is held by its Canadian subsidiary,
Enegi Oil Inc.
PL2002-01(A) has been renewed for a period of 5 years and is now
due to expire on 11 August 2022. The licence conditions and area
covered by the licence are unchanged. PL2002-01(A) covers an area
of 16km(2) over the Garden Hill Field Trend, which is a proven
hydrocarbon bearing accumulation beneath the Port--au--Port
peninsula.
PVF Energy Services ('PVF') are currently undertaking and
providing 100% of the financing for an operation on the PAP#1-ST#3
well, contained within PL2002-01(A), the aim of which is to restore
production.
Alan Minty, Chairman of NU-Oil, commented:
"The Company is pleased that PL2002-01(A) has been renewed in
line with normal procedures and we look forward to the results of
the work programme being conducted by PVF. We look forward to
providing the market with an update on the outcome of PVF's work
once their work is complete."
Enquiries:
NU-Oil and Gas plc
Alan Minty, Executive Chairman Tel: +44 161 817 7460
Nigel Burton, CEO Tel: +44 7785 234447
Strand Hanson Limited
Rory Murphy/Ritchie Balmer Tel: +44 20 7409 3494
Beaufort Securities Limited Tel: +44 20 7382 8300
Jon Belliss
Elliot Hance
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.
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
END
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