Nu-Oil and Gas executes MoU with Calm Oceans

Nu-Oil and Gas's shares are up after Marginal Field Development Company (MFDevCo) Ltd executed a memorandum of understanding with Calm Oceans Pte Ltd (COPL) for the supply of production facilities under a lease arrangement to be entered into at a later stage.

The MoU anticipated the arrangement would last for at least the first four projects secured by MFDevCo, which Nu-Oil has a 50% stake in.

Chief executive Nigel Burton said he was pleased with the arrangements between MFDevCo and Calm Oceans.

"The project financing strategy is now clear and its potential delivery demonstrable."

At 13:52 BST, shares in AIM-listed Nu-Oil and Gas were up 2.74% to 0.38p each.