Pierpaolo Rocco, Executive Director of MetalNRG PLC (MNRG.L) Interview

After Friday company announcement of the BritNRG Limited (“BritNRG”) Oil and Gas acquisition. We took the opportunity to talk with Pierpaolo Rocco, Executive Director.

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 9th October 2020 and has acquired 100% of Sunswept Enterprises Limited and related assets.

Following the 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.

Rolf Gerritsen, CEO of MetalNRG, commented:

“I am extremely pleased with the outcome and would like to thank Pierpaolo Rocco for his hard work in leading the transaction to a successful conclusion and I welcome the opportunity to work with the private investors who are our partners in this venture. Now that we have operational control of the assets the real work can commence and both Pierpaolo and I look forward to updating the market on BritNRG’s progress over the next few months as we develop the potential upside of the assets.”

The person who arranged for the release of this information is Rolf Gerritsen, the Company’s Chief Executive Officer.