- Cash shell Nu-Oil and Gas said a planned reverse takeover transaction first flagged in April was no longer proceeding despite efforts to agree mutually acceptable terms.

The company said its search for projects had led to the development of a portfolio of other potential projects, two of which were now being actively progressed.

Nu-Oil and Gas said it was in 'advanced negotiations' with the respective counter parties involved.

The company became a cash shell on 4 November and its shares would remain suspended from trading until it completed a reverse takeover transaction.

'The board remains confident that it will conclude a transaction which will constitute a reverse takeover within the stipulated timeframe under AIM Rule 15 and will update shareholders accordingly,' it said.

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