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Nu-Oil & Gas moves closer to divesting Canada asset

Published: 08:12 13 Feb 2017 GMT

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The deal will provide more investment in the Newfoundland licence

AIM-lsited Nu-Oil & Gas PLC’s (LON:NUOG) divestment of its licence off the coast of Newfoundland has moved a step closer after G2 Energy Corp completed a period of due diligence on EL1070.

G2 will now submit an application for a significant discovery licence. It will earn into the asset by carrying out a work programme.

“This should allow for new investment into EL1070 and has the additional benefit of removing on-going costs,” said Nu’s chief  executive Nigel Burton.

“We look forward to providing further updates as G2 Energy progress its activities."

Nu will retain a 5% royalty on any production.

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