Nu-Oil and Gas reports wider annual loss

Nu-Oil and Gas reported a wider annual loss on Thursday, reflecting finance costs and exceptional charges

Loss before tax for the year came to £5.2m, compared to the previous year’s £4.8m.

During the year 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. The results also reflected an exceptional charge of £4.1m against the carrying value of the group’s Canadian assets.

“This was necessary due to the recent movement in the oil price and management's subsequent evaluation of the availability of capital to develop the assets,” the company said.

As a result, the company’s net liability position was £2,899,000.