Nu-Oil is a development and production company; we generate value from undeveloped discoveries and mature fields, using cost-effective, proven technologies and commercial structures to attract financing and secure field development approval.
Nu-Oil target fields that have been thoroughly appraised and are located in basins with an existing supply chain and stable financial, political and regulatory regimes. As a result we are not exposed to the risks associated with frontier plays, including exploration and appraisal.
We will develop these assets using Marginal Field Development Company’s (MFDevCo) cost-effective solutions, which are implemented in association with its Consortium of oil and gas specialists, which provides the skills and capability required to deliver projects. Nu-Oil owns a 50% interest in MFDevCo.
We are building a portfolio of development and production assets focusing on stranded and marginal discoveries, in addition to our existing licences in western Newfoundland. Our existing licences are being developed with partners who cover 100% of the costs of development. You can read more about these assets in the Projects section.
For further information regarding the placing announced on 1 March 2018, please see our Placing Statement.