21st Oct 2019 07:00
21 October 2019
Nu-Oil and Gas plc
("Nu-Oil" or "the Company")
Returning of Interest in Enegi Oil Inc.
The Company announces that it has returned the equity it held in Enegi Oil Inc. ("Enegi") to Enegi with immediate effect, continuing the implementation of changes to create a new direction for the Company, as announced on 2 October 2019.
Returning the equity to Enegi has been done under the terms of RSNL1990 CHAPTER C-36 CORPORATIONS ACT (Newfoundland), which allows an investor to donate its holdings in a company back to the company in question at no charge to the company.
At 31 December 2018, being the last published consolidated balance sheet date, the Newfoundland assets had a net carrying value of approximately £270,000.
As a result of this action, Nu-Oil will have no further claim or call on Enegi and, furthermore, it restricts the recourse to Nu-Oil of potential claims made against Enegi.
Enquiries
Nu-Oil and Gas plc | |
Investor Relations & Communications | Tel: +44 (0)330 995 7988 |
Strand Hanson Limited Rory Murphy/Ritchie Balmer/Jack Botros | Tel: +44 (0)20 7409 3494 |
Novum Securities Limited | Tel: +44 (0)20 7399 9425 |
Jon Bellis |
Disclaimer
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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