Nu-Oil and Gas reported a full-year loss for 2018, but believed it had the necessary foundations in place to see an upturn in activity in 2019.
The company announced a pre-tax loss of £1.878m for the year to 30 June, compared with £1.671m a year earlier. It attributed the loss expenses arising from the continuing development of the foundations of its marginal field initiative.
Despite generating no revenue in the year, looking forward, the company said that recent enquiries gave it confidence in the viability of its business model focusing on stranded and marginal fields and that it could add further projects to its portfolio.
Nu-Oil and Gas management believed it had sufficient resources to allow "significant, tangible progress" to be achieved from its current resources in the short term, but longer term and as a result of the size of projects that the Company is targeting, further funding would be required to realise project returns.
"The company has made progress on several projects this year and we are excited about the opportunities that lie ahead. Activity has increased in the Marginal Field Development Company (MFDevCo) and we look forward to updating the market as it acquires projects and concludes investigations into alternative marginal field commercialisation methods," said CEO Nigel Burton.