21st Oct 2019 18:07
(Alliance News) - Nu-Oil & Gas PLC on Monday said it has returned its equity in Enegi Oil Inc immediately under a direction change for the firm.
Shares in Nu-Oil closed up 7.0% at 0.078 pence in London.
Nu Oil is permitted to donate is holdings in Enegi back to the company "under the terms of RSNL1990 Chapter C-36 Corporations Act (Newfoundland)" at no charge.
As at December 31, 2018, the Newfoundland assets held a GBP270,000 net carrying value.
Following the equity return, Nu-Oil has no claim or call on Energi and the return also "restricts the recourse to Nu-Oil of potential claims made against Enegi".
By Anna Farley; [email protected]
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