23rd Dec 2019 14:03
(Alliance News) - Cash shell Nu-Oil & Gas PLC on Monday reported a wider annual loss as both administrative and finance costs rose.
Shares in Nu-Oil & Gas were up 6.0% at 0.053 pence in London on Monday.
The company's pretax loss in the financial year to June 30 widened to GBP2.8 million from GBP1.9 million a year ago.
No revenue was generated in either period, and the wider loss was a result of administrative expenses going up to GBP2.0 million from GBP1.7 million and finance expenses more than tripling to GBP788,000 from GBP206,000.
Administrative expenses reflected several one-off and exceptional items, the company said, including the the impairment of the group's intangible exploration and development assets and settlement and termination payments.
Nu-Oil & Gas has until May 4, 2020 to make an acquisition which constitutes a reverse takeover; otherwise the company will be suspended from trading on AIM. If the company is unable to find a suitable reverse takeover target within six months of suspension, it will be cancelled from AIM and be re-registered as a private company.
By Lucy Heming; [email protected]
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