TIDMNUOG

RNS Number : 2951S

Nu-Oil and Gas PLC

08 July 2020

8 July 2020

Nu-Oil and Gas plc

("the Company" or "NUOG")

Update on Proposed RTO Transaction

Nu-Oil and Gas PLC (AIM:NUOG), the AIM Rule 15 cash shell, updates shareholders that the proposed transaction, as announced on 14 April 2020, is no longer proceeding despite efforts to agree mutually acceptable terms.

NUOG's search for independent projects, of which the proposed transaction referred to above was one, has led to the development of a portfolio of other potential projects, two of which are now being actively progressed by NUOG which is now in advanced negotiations with the respective counter parties involved.

The Company was designed an AIM Rule 15 cash shell on 4 November 2019. In accordance with the provisions of AIM Rule 15, the Company's Ordinary Shares therefore remain suspended from trading on AIM until an AIM Admission Document is published in respect of a reverse takeover transaction.

The Board remains confident that it will conclude a transaction which will constitute a reverse takeover within the stipulated timeframe under AIM Rule 15 and will update shareholders accordingly.

Enquiries

 
 Nu-Oil and Gas plc 
 Investor Relations & Communications   Tel: +44 (0)20 3411 8737 
 Strand Hanson Limited                 Tel: +44 (0)20 7409 3494 
  Rory Murphy/Ritchie Balmer/Jack 
  Botros 
 Novum Securities Limited              Tel: +44 (0)20 7399 9425 
 Jon Bellis

Disclaimer

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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