UK production firm Nu-Oil and Gas has announced it is handing back its stakes in a Canadian firm amid its debt restructuring plan.
NU Oil and Gas
A joint venture created to recover stranded gas reserves through gas-to-wire (GTW) technology has teamed up with Petrofac.
A former chief executive of Aberdeen-based Dana Petroleum has been appointed to the board of Nu-Oil and Gas.
NU-Oil and Gas said today it had raised £2.05million from a share placement to support its strategy of investing in stranded and marginal fields.
NU-Oil and Gas has been granted a two-year lease on its farm-in to the Helvick oil field and Dunmore oil discovery offshore Ireland.