MetalNRG PLC Oil & Gas Exclusivity Agreement Update
09 January 2020 - 10:00PM
RNS Non-Regulatory
TIDMMNRG
MetalNRG PLC
09 January 2020
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL.
This announcement is for information purposes only and is not a
prospectus and not an offer of securities for sale in any
jurisdiction, including in the United States, Australia, Canada,
Japan and South Africa.
9(th) January 2020
MetalNRG plc
(The "Company" or "MetalNRG")
Oil & Gas Exclusivity Agreement Update
MetalNRG plc (LON:MNRG), the natural resource investing and
exploration company, announces an update on the Oil & Gas
exclusivity agreement, non-binding for MetalNRG, entered into with
the owner of an established operating company based in Romania (the
Vendor), which owns 100% of a target oil and gas concession, valid
to 2034, as announced on 29(th) November 2019.
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 28(th)
February 2020.
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.
Rolf Gerritsen, CEO of MetalNRG commented "The opportunity in
Romania is significant and Pierpaolo Rocco, our Executive Director
for Oil & Gas along with the Board of MNRG are extremely
encouraged by the initial results from our site visit. We are
working hard on this opportunity and will report back to market
shortly."
Rolf Gerritsen, CEO of MetalNRG, arranged for the release of
this announcement.
.
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:
METALNRG PLC - Rolf Gerritsen (Chief Executive +44 (0) 20 7796
Officer) 9060
Joint Broker PETERHOUSE CAPITAL LIMITED - +44 (0) 20 7469
Guy Miller/ Duncan Vasey/Lucy Williams 0930
--------------------
Joint Broker SI CAPITAL- Nick Emerson +44 (0) 1483 413500
--------------------
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END
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