RMRI LTD agreed to acquire 50% stake in Marginal Field Development Company Limited from Nu-Oil and Gas plc (AIM:NUOG) for £1.2 million on October 2, 2019. Nu-Oil and Gas to issue 91,666,667 New Ordinary Shares in the Nu-Oil and Gas to RMRI in consideration for the release of all outstanding debt due to RMRI and Alan Minty which totals, approximately £1.3 million.  In the Nu-Oil and Gas' announcement dated 2 October 2019 the number of Settlement Shares was incorrectly stated to be 88,709,678 due to a rounding error on the price used to calculate the number of shares. Under the terms of the transaction, under consideration all the outstanding debts due to RMRI Limited and Alan Minty, Director of RMRI will be released. The transaction is subject to customary closing conditions, including shareholder approval. As of October 11, 2019, circular stated that general meeting of shareholders to be held on November 4, 2019. It was confirmed by the independent directors of the company that, having consulted with Strand Hanson, the terms of the transaction are fair and reasonable as far as shareholders are concerned. Rory Murphy, Ritchie Balmer and Jack Botros of Strand Hanson Limited acted as financial advisors for the independent directors of Nu-Oil and Gas. Fieldfisher LLP acted as legal advisor to Nu-Oil and Gas.