Newfoundland and Labrador renews Nu-Oil and Gas PL2002-01 licence
Nu-Oil and Gas, an independent oil and gas company, received informal notification from the provincial government of Newfoundland and Labrador that its application to renew onshore petroleum lease PL2002-01(A) had been approved.
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The lease had expired on 11 August 2017.
The company said it would provide a further update upon receipt of the formal confirmation, which was expected throughout the course of the day.
NU-Oil and Gas was focused on building a diverse portfolio of assets with a strong emphasis on acquiring interests in stranded and marginal fields that were low risk and highly-appraised projects, meaning that the company's entry cost would be low.
The company's shares were up 4.80% to 1.20p by 11:05 BST