Nu-Oil and Gas PLC Update on Proposed RTO Transaction
RNS Number : 2951S
Nu-Oil and Gas PLC
08 July 2020
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
Nu-Oil and Gas plc
Investor Relations & Communications Tel: +44 (0)20 3411 8737
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Rory Murphy/Ritchie Balmer/Jack
Novum Securities Limited Tel: +44 (0)20 7399 9425
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").
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(END) Dow Jones Newswires
July 08, 2020 02:00 ET (06:00 GMT)