UK Investor Eyes Romanian Oil, Gas Concession

UK natural resources investment firm MetalNRG said on January 9 that a Romanian oil and gas concession it is in talks to acquire could well meet its investment criteria.

The company reported in November it had, together with an unnamed “London-based oil and gas investment specialist,” entered exclusive negotiations to buy a 75% stake in the concession. The exclusivity period runs until February 28.

“The process is ongoing per plan and the initial indication, mainly from our site visit, are encouraging and suggest that the transaction could, based on current operational assumptions, meet our investment criteria,” MetalNRG said. “As a result of these initial indications, further work has been commenced and we plan to report back to market once the due diligence has been completed.”

The company said the asset offered exploration upside and a means of developing short-term cash flow.