- Nu-Oil and Gas said MFDevCo, in which it holds 50%, has entered a collaboration agreement with COSL Drilling Pan Pacific Ltd (CDPL), with the objective of securing projects more cost-effectively, earlier and with less upfront capital.

"Signing this agreement with CDPL is a major milestone for us as we move to complete negotiations on our initial target projects," said MFDevCo MD Alison Pegram in a statement.

"The marginal field projects that we are focusing on are particularly well suited to this type of commercial arrangement, as there is no exploration risk, and CDPL, in this case, are therefore able to defer receipt of certain elements of their revenues with confidence.

"This agreement demonstrates what is possible, when working with innovative and committed partners, and we will continue to consider all opportunities to work in different ways where doing so advances projects and benefits all those involved."

Singapore-based CDPL operates a fleet of eight high-specification jack-up drilling rigs and was the international branch of COSL, the leading integrated oilfield services provider in the offshore China market with core business segments including geophysical services, drilling services, well services, marine support and transportation services.

At 9:21am: [LON:NUOG] Nuoil And Gas Plc Ord 0.1p share price was +0.1p at 0.51p

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