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Nu-Oil sheds stake in gas-to-wire venture

UK production firm Nu-Oil sold its 50% interest in the Marginal Field Development Company (MFDevCo) to RMRI, which holds the remaining 50% interest in the business.

The deal is for the consideration “of all outstanding debts due to RMRI Limited” totaling £1.2m.

MFDevCo was created to recover stranded gas reserves through gas-to-wire (GTW) technology.

The joint venture recently teamed up with UK-headquartered energy services giant Petrofac to engineer, deliver and operate GTW facilities.

Manchester-headquartered firm Nu-Oil has also restructured its debts and reshuffled its board.

Jay Bhattacherjee will be appointed as non-executive chairman and that Andrew Dennan will be appointed as non-executive director.

Graham Scotton, previously executive chairman, has transitioned to Non-Executive Chairman.  Frank Jackson remains as a non-executive director.

Damian Minty, joint managing director and chief financial officer, and Alison Pegram, joint managing director, have stood down from the Nu-Oil board.

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