31st Dec 2015 07:44
LONDON (Alliance News) - Nu-Oil & Gas PLC on Thursday said its pretax loss for the year to the end of June widened and said it will consider its options for its assets in Canada.
The company made a pretax loss of GBP5.3 million in the year to June 30, compared to GBP4.9 million the year before. At the time, Nu-Oil was trading under the name Enegi Oil PLC, having changed this in October to its new moniker.
The group said it will continue to focus on developing stranded and marginal fields through its investment in ABT Oil & Gas Ltd, in which it owns a 50% stake.
Nu-Oil said the portfolio that it had acquired prior to the start of the oil price decline in mid-2014 now appears to be uneconomic and will be relinquished, though this has already been provided for by the company.
Nu-Oil & Gas added that after considering the performance of its assets in Canada, it believes the funding required to develop the assets is not available, and it will be considering its options on how to take these assets forward. The loss for the year was primarily driven by the group booking a GBP4.1 million exceptional charge on the value of its Canadian assets.
"Discussions are well advanced with a number of operators to secure projects that would positively impact upon the future of the company both in the short and long term. The aim is to build a portfolio of projects and opportunities that do not expose the company to exploration and appraisal risk," said Nigel Burton, Nu-Oil's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
ENEG.L