MetalNRG PLC - Oil & Gas Exclusivity Agreement Update
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(The "Company" or "
Oil & Gas Exclusivity Agreement Update
The purpose of the exclusivity agreement is to set out the heads of terms upon which the purchasing parties will acquire 75% of the issued share capital of the operating company from the Vendor, in consideration of an upfront payment and a free-carry component of the initial development capital. The agreement also sets the terms for the exclusivity period necessary to allow the purchasing parties to review and carry out due diligence on the transaction. The exclusivity period has commenced and will run until 28th
The process is ongoing per plan and the initial indications, mainly from our site visit, are encouraging and suggest that the transaction could, based on current operational assumptions, meet our investment criteria. Specifically, under our plan we intend to establish exploration upside for the project and that we can develop short term cash-flow from the asset under review. As a result of these initial indications, further work has been commenced and we plan to report back to market once the due diligence has been completed.
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
The directors of the Company accept responsibility for the contents of this announcement.
For further information, please contact:
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+44 (0) 20 7796 9060
Joint Broker PETERHOUSE CAPITAL LIMITED -
+44 (0) 20 7469 0930
Joint Broker SI CAPITAL-
+44 (0) 1483 413500
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