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Oil & Gas

Nu-Oil and Gas hands back £270,000 Newfoundland assets

Allister Thomas By Allister Thomas
21/10/2019, 6:00 am Updated: 21/10/2019, 7:32 am
Photo of Allister Thomas
Entire businesses and the livelihoods of thousands of workers and their families are at risk.
Entire businesses and the livelihoods of thousands of workers and their families are at risk.

UK production firm Nu-Oil and Gas has announced it is handing back its stakes in a Canadian firm amid its debt restructuring plan.

The Manchester-based firm said the interest in Energi Oil has a carrying value of £270,000.

It comes after Nu Oil announced a debt restructuring plan at the start of October.

The deal involves a share placing and its £1.9m debt being bought by C4 Energy.

Nu-Oil also announced it would exit its marginal field venture MFDevCo.

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