viewNu-Oil and Gas PLC

Nu-Oil and Gas sees no impact from Garden Hill claim

PVF has claimed C$1.12mln for work carried out but Nu-Oil’s directors are convinced it has no merit.

Oil well
Subsidiary Enegi Oil Inc has been working with PVF Energy Services on the licence

Nu-Oil and Gas Plc (LON:NUOG) is to contest a claim for costs by its partner on the Garden Hill assets in Canada saying it has no merit.

Subsidiary Enegi Oil Inc has been working with PVF Energy Services on the licence - Production Lease 2002-01(A).

PVF has put in a claim of C$1.12mln for work carried out.

"The terms of the production sharing agreement (PSA) clearly state PVF will carry out the work programme 'at its sole cost, risk and perils' with costs reimbursable out of production from a well and not by Enegi’", Nu-Oil said in a statement.

Graham Scotton, Nu-Oil’s executive chairman, added: "The company has been attempting to work with PVF in good faith to find an appropriate way forward for Garden Hill, despite the operational issues encountered.

"We are surprised and disappointed that PVF has chosen to take this action, in contravention to the terms for dispute resolution and cost recovery in the agreement signed by the parties.

“The situation will take time to resolve, however, I do not expect it to affect our ongoing efforts to secure new assets or have any impact on the company's funding requirements.”

Quick facts: Nu-Oil and Gas PLC

Price: 0.0275 GBX

Market: AIM
Market Cap: £928.94 k

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Nu-Oil and Gas PLC named herein, including the promotion by the Company of Nu-Oil and Gas PLC in any Content on the Site, the Company receives...



Nu-Oil and Gas PLC chairman outlines plans to move into environmental space

Nu-Oil and Gas PLC's (LON:NUOG) Jay Bhattacherjee speaks to Proactive London's Andrew Scott soon after announcing they're considering reverse takeover targets in sectors other than oil and gas. He says the move comes after several months of commodity price volatility and they're particularly...

on 17/3/20

2 min read