Nu-Oil and Gas has reported a wider annual pre-tax loss for the year of £5.2m, compared to the previous year’s £4.8m.
This reflected an exceptional charge of £4.1m against the carrying value of the group’s Canadian assets.
The company had £140,000 of finance costs associated with re-negotiating financing arrangements with Shard Capital Management for the extension of its loan and its increase by £200,000.
Chief executive Nigel Burton, said: “NU-Oil has a clear focused strategy for commercialising stranded and marginal fields based on solutions delivered by ABTOG and the MFD Consortium which significantly improve the economics of developments.
“Discussions are well advanced with a number of operators to secure projects that would positively impact upon the future of the company both in the short and long term.
“The aim is to build a portfolio of projects and opportunities that do not expose the Company to exploration and appraisal risk.”
The company’s net liability position was £2,899,000.