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BUCHAREST (Romania), January 9 (SeeNews) - Natural resources investing company MetalNRG said on Thursday it has taken additional steps towards acquiring a 75% stake in a Romanian oil-and-gas concession from a London-based oil-and-gas investment specialist
"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," MetalNRG said in a regulatory update on an oil-and-gas exclusivity agreement posted on its website.
MetalNRG announced the signing of the non-binding exclusivity agreement on November 29.
"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," MetalNRG CEO Rolf Gerritsen said.
The company said that it intends to establish exploration upside for the project so that it can develop short term cash-flow from the asset under review and that further work has been commenced as a result of its initial indications.
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.
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.