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MetalNRG set to acquire UK onshore oil and gas assets, as work on development plans for Gold Ridge continues

MetalNRG is planning for growth in both the mining and oil and gas sectors

MetalNRG -

MetalNRG PLC (LON:MNRG) has provided investors with a general update as to its business activities.

The company has 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.

In light of the current environment, the revised terms are substantially different from the previous terms and therefore the vendor is considering its  position.

In the United Kingdom, following screening and preliminary appraisal, the company has identified a number of onshore oil and gas assets and has entered into a heads of terms agreement with the owners of a small portfolio of onshore, conventional oil  and gas producing licences, with the aim of  acquiring the portfolio within a three month timeframe.

Meanwhile, at Gold Ridge In Arizona the company is working on development plans for its gold mine.

MetalNRG is finalising the required funding for the oil and gas acquisition, which will be effected through a special purpose vehicle supported by a loan supplied from MNRG. The assets are cash generative and cover their operating costs at current oil prices.

Rolf Gerritsen, chief executive of MetalNRG commented: "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."

 

Quick facts: MetalNRG

Price: 0.65501 GBX

LSE:MNRG
Market: LSE
Market Cap: £2.92 m
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