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Nu-Oil and Gas hands back £270,000 Newfoundland assets

UK production firm Nu-Oil and Gas has announced it is handing back its stakes in a Canadian firm amid its debt restructuring plan.

The Manchester-based firm said the interest in Energi Oil has a carrying value of £270,000.

It comes after Nu Oil announced a debt restructuring plan at the start of October.

The deal involves a share placing and its £1.9m debt being bought by C4 Energy.

Nu-Oil also announced it would exit its marginal field venture MFDevCo.

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