JOHANNESBURG (miningweekly.com) – The board of Metgasco, which at the end of 2015 sold its petroleum exploration licences, would consider a return of capital if the company failed to clinch a new business deal, the ASX-listed firm reported on Wednesday.
Metgasco had been evaluating and pursuing investment opportunities in the oil and gas sector after it withdrew from its North South Wales operations and agreed to stop court action against the state government in return for A$25-million.
The company aimed to announce a deal in the first half of 2016, and reported that it was still confident of securing a transaction.
“The company has ruled out consideration of merger or acquisition opportunities that would result in all, or most of, the company’s financial resources being allocated to either single projects, or to exploration, risk,” Metgasco reported.
In the absence of executing an appropriate transaction, the board would consider a return of capital early in the second half of 2016.
Meanwhile, Metgasco also announced the resignation of CEO and MD Peter Henderson, who left the company on June 1.
The board stated that it did not plan to replace Henderson imminently and added that all nonexecutive directors had agreed to increase their level of engagement with the company. Alexander Lang would formally step into the role of executive chairperson.
Edited by: Creamer Media Reporter
EMAIL THIS ARTICLE SAVE THIS ARTICLE
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
