MetalNRG PLC BritNRG Operational Update (3052K)
September 01 2021 - 1:00AM
UK Regulatory
TIDMMNRG
RNS Number : 3052K
MetalNRG PLC
01 September 2021
THIS ANNOUNCEMENT, INCLUDING THE INFORMATION CONTAINED IN IT, IS
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF
DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 ("EUWA")) ("UK MAR").
1(st) September 2021
METALNRG plc
("MetalNRG" or the "Company")
BritNRG Operational Update
MetalNRG plc, (LON:MNRG), the natural resources and energy
investment company, provides an operational update on BritNRG
Limited ("BritNRG") covering production and revenues, asset
development and key activities over the last few months.
Production and revenues update
-- BritNRG is currently producing an average of 3,500 bbls/month
compared with production of less than 1,500 bbls/month averaged in
Q1 2021.
-- BritNRG sold 3,780 bbls in July at an average price of USD
73.88 per barrel (equivalent to USD 280,000 of gross revenue).
Similar levels of sales have been achieved in August with monthly
oil sales projected to exceed 4,000 bbls.
-- BritNRG's Operating Partners have agreed cost recovery of
100% of production, which will provide BritNRG with cashflow
advantages.
-- BritNRG now expects the revenues from the Whisby site to be
in excess of USD 2.5 million per year at current forecast oil
prices.
-- The above achievements are the effects of the operational
improvements carried out during 1H 2021. As a result, BritNRG is
now profitable.
Update on development of current asset base
-- Following a presentation of the outlined development plans by
BritNRG to the Oil and Gas Authority, the abandonment notice on
EXL-141 Newton on Trent has been postponed to June 2023, allowing
time to submit a detailed development plan for formal approval.
-- The abandonment notice for EXL-294 Reepham has been postponed
to Q3 2022, allowing BritNRG time to develop a more detailed
abandonment plan and explore viable redevelopment options (see
below) to the base case site abandonment and licence
relinquishment.
Key activities on current assets and new ventures
-- Whisby Site improvements continue including testing and
overhaul of all wellheads and other key activities in liaison with
the regulatory authorities.
-- BritNRG is progressing a feasibility study to repurpose the
suspended well on Reepham (which watered out in 2005) and to
redevelop the brownfield site which, potentially, will benefit from
an existing planning application, recently approved for
development, for a nearby 50-hectare green energy hub due for
construction in 2022-2023.
Pierpaolo Rocco, Executive Director and CEO of BritNRG,
commented "Our journey has just begun, and we are happy to continue
to report solid progress on important fronts. We are taking the
necessary time to develop our medium-term strategy, the benefits of
which we intend to share with MetalNRG investors in Q4 2021, whilst
we progress key activities related to the plan for BritNRG to be
listed on the London Stock Exchange in 2022."
Rolf Gerritsen, CEO MetalNRG Plc, commented "the encouraging
news from BritNRG is confirmation of our strategy to invest in near
term cash-generative projects and particularly of our decision to
invest in BritNRG. We look forward to reporting on our ongoing
progress".
The release of this information was arranged by Rolf Gerritsen,
Chief Executive Officer.
END
Contact details:
MetalNRG PLC
Christopher Latilla-Campbell +44 (0) 20 7796 9060
Corporate Adviser
PETERHOUSE CAPITAL LIMITED
Lucy Williams/Duncan Vasey +44 (0) 20 7469 0930
----------------------
Corporate Broker
SI CAPITAL LIMITED
Nick Emerson +44 (0) 1483 413500
----------------------
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