Stay updated with breaking news from Company or metal. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Posting of Annual Report & Financial Statements and Notice of Annual General Meeting MetalNRG plc (LON:MNRG), the natural resource investing and exploration company, announces that, further to the announcement of final results for the year ended 31 st December 2020, published on 30 th April 2021, ("Final Results"), the Company's Annual Report and Financial Statements has been published and posted to Shareholders. The Financial Statements for the year ended 31 st December 2020 contained in the Annual Report contain no changes to the Final Results.
In the Final Results announcement, it was stated that the Company's Annual General Meeting ("AGM") would be held on 8 th June 2021. MetalNRG announces that this date has changed and the AGM will now be held at 12.00 pm on Friday, 25
MetalNRG plc (LON:MNRG), the natural resource investing and exploration company, announces that it has received confirmation from the Oil & Gas Authority ("OGA") that it does not oppose the change of control of Sunswept Enterprise Limited and associated subsidiaries to BritNRG Limited ("BritNRG"), the special purpose vehicle created for the acquisition. As a result, BritNRG has now completed the transaction as announced on 9 th October 2020 and has acquired 100% of Sunswept Enterprises Limited and related assets. Following completion of the acquisition and at current modest production levels, Sunswept is expected to be net cashflow positive at Brent prices sub $40/bbl, which is significantly below the current Brent price. A reduction of the breakeven oil price reference is expected as production levels are restored by bringing the Whisby #6 Well back on stream (by a wax removal workover) possibly within Q1/2021. Further reductions and additional cash generation is expected with the near-term development in both the Whisby and Newton on Trent assets. The relevant appraisals are nearing finalisation and BritNRG intends to present detailed plans to the OGA in the shortest possible timeframes.
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: 1. Obtains access to the information in a personal capacity; 2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services; 3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body; 4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
MetalNRG plc (LON:MNRG), the natural resource investing and exploration company, provides further details relating to the planned acquisition of Lake Victoria Gold Ltd ("LVG") (announced 20 th October 2020). 1 compliant Total Resource of 4.73Mt @ 1.92g/t gold 2 based on Resource drilling completed in 2016 and a Mineral Resource Estimate in 2017, for a total of 291,600 oz resources. In addition, an open-pit mining Pre-Feasibility Study ("PFS") and underground mining Scoping Study was completed by Measured Group Pty Ltd ("MG") for the Imwelo Project in June 2017 (the "Pre-Feasibility and Scoping Study Report" or "2017 PFS") 3. The 2017 PFS considered a conventional drill and blast, load and haul open-pit mining operation based on mining open-pit Reserves of 1.362Mt at 2.22g/t Au for a total 87.66koz gold recovered over 4 years, based on a gold price of US$1,250/oz. The scoping study considered a transition from open-pit mining to underground mining.