21st Feb 2019 11:36
LONDON (Alliance News) - Nu-Oil & Gas PLC said on Thursday its 50% joint venture Marginal Field Development Co has signed an exclusive partnership with investment company Royal Eagle Capital Partners USA LLC.
Under the partnership, Marginal Field and Royal Eagle will work to identify and evaluate potential field development projects, both onshore and offshore in Mexico, Colombia and Ecuador.
It is expected that non-binding letters of intent will be entered with operators during which technical and commercial evaluations will be made on identified projects, which can be turned into a full project contract if they are revealed to be viable.
"I am delighted that Royal Eagle have seen our expertise in marginal field development and chosen us as a partner to work with going forward. I've been impressed by the strength and depth of their relationships in the Latin America region and believe that there are some great opportunities that, working together, we will be able to bring to fruition," said Nu-Oil Joint Managing Director Alison Pegram.
Shares in Nu-Oil & Gas were down 2.1% at 0.74 pence on Thursday.
Related Shares:
NUOG.L