MetalNRG PLC (LON:MNRG), a natural resources and energy investment company, provided an update on its investment in BritNRG Ltd.
BritNRG had set a 100-day operational plan following completion in January 2021 of the acquisition of oil and gas assets in Lincolnshire. The plan included a workover of one of the blocked-in wells, Whisby No. 6 (W6), which was successfully brought back into production on May 25 without any safety or environmental incidents. The current W6 production is about 50 barrels a day.
"Overall, we can be satisfied with the progress over the first 100 days following completion of the acquisition mid-January,” said Pierpaolo Rocco, executive director, oil & gas of MetalNRG.
“The execution of the workover without incidents and the restart of Whisby 6 well was an early priority to improve the financial stability of the business and to demonstrate our commitment to our engagements and, most importantly, to safe and compliant operations.
“There is much left to do but we are very well placed, and I see considerable opportunities ahead of us."