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Nu-Oil and Gas boosted by MFDevCo’s Irish venture

MFDevCo's participation in two projects offshore Ireland has now been confirmed.
Nu-Oil and Gas boosted by MFDevCo’s Irish venture
MFDevCo is now being assigned 10% stakes in Helvick and Dunmore.

Nu-Oil and Gas (LON:NUOG) boss Nigel Burton has told investors that its joint venture company Marginal Field Development Company (MFDevCo) can improve the commercial viability of project like Helvick and Dunmore, offshore Ireland.

MFDevCo is now being assigned 10% stakes in Helvick and Dunmore, which are run by Providence Resources (LON:PVR).

Yesterday, Providence confirmed it had been given a new two year lease for both projects, which triggers the previously agreed partnership.

And, as MFDevCo advances its planned work to deliver low cost field development solutions for the projects, and as those projects move towards production, the company can earn up to an additional 40%.

“MFDevCo and the MFD Consortium's solutions have the potential to improve the commercial viability of fields and we look forward to them being utilised to advance Helvick and Dunmore for the benefit of all interest holders," said Burton, Nu-Oil’s chief executive.

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