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MetalNRG eyeing “potentially attractive” transactions amid oil and gas turmoil

The investor said the aim is to focus on projects that offer short term cashflow and additional exploration upside

MetalNRG - MetalNRG eyeing “potentially attractive” transactions amid oil and gas turmoil

MetalNRG Plc (LON:MNRG) told investors that it has been presented with new “potentially attractive” transactions in the oil and gas sector amid the current market turmoil triggered by the coronavirus (Covid-19) pandemic.

At the same time, in the wake of the collapse in crude oil price, the natural resource investor has returned to the negotiating table over a project in Romania – for which an acquisition had previously been agreed.

READ: MetalNRG hails ‘eventful year’ 

“We have proposed alternative commercial terms to the vendor,” MetalNRG said in a statement.

“The new terms are being considered by the vendor and we expect them to revert by the end of the current month, although some slippage can be expected due to covid-19.”

In regard to the new opportunities, MetalNRG said that following initial desktop assessment it is now actively pursuing projects that meet its strategic intent.

The aim is to focus on projects that offer short term cashflow and additional exploration upside that can be unlocked from their own internal financial capabilities.

“We continuously review our cash and liquidity position and are confident that we will be able to weather the storm and come out of this crisis stronger than before,” the company added.

Quick facts: MetalNRG

Price: 0.375 GBX

LSE:MNRG
Market: LSE
Market Cap: £1.35 m
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