Nu-Oil and Gas releases pre-restructuring financial results

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Nu-Oil and Gas releases pre-restructuring financial results

Nu Oil and Gas Plc (LON:NUOG) has released its final results for the twelve months ended 30 June 2019, though given the recent significant changes within the organisation the financials will be of limited relevance to investors.

The pre-revenue company reported a £2.79mln loss for the year, including £2.01mln of admin expenses and £788,000 of finance costs. Among the admin expenses were several one-off and exceptional items such as impairments, settlement and termination payments.

At the end of June, the company had a cash balance of £58,000.

In October, Nu-Oil and Gas saw a change in control effectively as a result of a third-party debt deal.

C4 Energy acquired US$2.5mln worth of debt owed by Nu, and, C4 shareholders including former Aminex chief executive Jay Bhattacherjee backed and equity placing to provide around £500,000 of new working capital.

New loan notes were issued to Nu, giving C4 the opportunity to acquire up to 29.9% of the company.

Bhattacherjee agreed to join the company as non-executive chairman, meanwhile, incumbent Nu directors stepped down.

A deal was agreed for Nu to divest its marginal field business unit, which had been the company’s prior focus, to a vehicle tied to the company’s former management team.

The company’s new management immediately put all aspects of the remaining business under review.

Proactiveinvestors.co.uk

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