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MetalNRG eyes UK onshore oil and gas assets

Snapshot

  • Exploring for gold at Gold Ridge, Arizona

  • In talks to buy oil and gas concession in Romania

  • To take a blended approach at Gold Ridge using gold from waste dumps

Gold

Quick facts: MetalNRG

Price: 0.525 GBX

LSE:MNRG
Market: LSE
Market Cap: £1.91 m
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What it does

Metal NRG PLC's (LON:MNRG) main focus is on its Gold Ridge Project in Arizona, acquired in November 2018, which encompasses three previously-producing gold mines known as Gold Prince, Gold Ridge and Dives mines, which are over a 1.8km strike within prospective 5km long vein swarm.

The three mines contain high-grade gold bearing quartz-sulphide veins, with historical production at the Gold Prince mine of 22,000 oz through to 1996.

The explorer is hoping to monetise the waste dumps and pillars left behind by previous operators, so that it can then go on to develop the significant exploration potential in the area.

MetalNRG also has an 8.5% stake in the Kamushanovskoye uranium deposit in Kyrgyzstan, which is currently on hold pending government legislation on uranium mining in the country which it proposed to ban in March.

The company has completed due diligence the potential acquisition of an oil and gas concession in Romania. The terms of the acquisition are under review, following the sharp fall in the oil price in the wake of the coronavirus crisis. 

MetalNRG believes the opportunity in Romania is significant

 

Recent developments

The firm has entered into a heads of terms agreement with the owners of onshore, conventional oil and gas producing licences in the UK.

It also revised the terms of its initial offer to the vendor of the Romanian oil and gas assets as previously reported, in the wake of the weaker oil price.

At Gold Ridge In Arizona it is working on development plans for its gold mine.

 

What the boss says: Rolf Gerritsen, chief executive

"I am pleased with the progress we have made on the UK Oil & Gas transaction. I look forward to providing more news on this transaction and the Romanian opportunities. We are working hard at de-risking the Gold Ridge operations further and we are continuously reviewing other opportunities, which is an ongoing process." 

"I believe we have an extremely bright future in front of us and look forward to reporting on our progress over the next few months."

 

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MetalNRG CEO talks new UK oil & gas opportunity and next steps for Gold Ridge

MetalNRG PLC's (LON:MNRG) Rolf Gerritsen speaks to Proactive London's Andrew Scott after releasing a general update as to its business activities. He says they've identified a number of oil and gas assets and have entered into a heads of terms agreement with the owners of a small portfolio of...

on 16/6/20

2 min read