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BUCHAREST (Romania), November 29 (SeeNews) - Natural resources investing company MetalNRG PLC said on Friday that it has signed a non-binding exclusivity agreement with a London-based oil-and-gas investment specialist to acquire a 75% stake in a Romanian oil-and-gas concession.
The London-based oil-and-gas investment specialist is the owner of an established operating company based in Romania, which owns 100% of a target oil and gas concession, valid to 2034, MetalNRG PLC said in a regulatory report posted on its website. The names of the two companies were not disclosed.
"I am pleased to have agreed the basis of a robust deal for this investment opportunity and to have entered the exclusivity period. Due diligence has commenced in earnest, and we look forward to delving into the detail of the oil and gas concession in the coming months," MetalNRG CEO Rolf Gerritsen said.
"This near term cashflow generative project has the potential to add substantial value to the Company alongside our Gold Ridge Project and I look forward to updating the market as we make progress with our due diligence process," Gerritsen added.
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. The exclusivity period for the deal has commenced and will run until February 28, 2020.
Formerly known as ZimNRG, MetalNRG plc is a London main market quoted natural resources investing company seeking investments in precious and strategic metals. The company seeks to invest in or acquire interests in the natural resources and energy sector with potential for growth and value creation over the medium to long term. It has direct investments in the United States, Kyrgyzstan and Australia.