Corporate Update

RNS Number : 3022I

Curzon Energy PLC

01 December 2022

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Curzon Energy Plc
("Curzon" or the "Company")

Corporate Update

01 December 2022

Curzon Energy Plc (LON:CZN), the London Stock Exchange listed company, announces an update on its corporate activities and overall strategy.

Currently, Curzon is pursuing a strategy of identifying and agreeing terms for a potential reverse takeover of the business while simultaneously exploring options in the oil and gas space associated with the Company's historic Coos Bay coal bed methane project in Coos Bay, Oregon, USA. 

As most recently announced in the Company's Interim Results on 26 September 2022, Curzon and Poseidon Enhanced Technologies ("PET") continue discussions regarding a potential RTO of PET by Curzon.  PET's formal exclusivity rights with Curzon have however expired allowing the Company  to explore additional RTO opportunities and transactions. 

At Coos Bay, the Company continues dialogue with the two main leaseholders regarding a potential renewal of the primary Coos Bay leases and will update the market on progress on these efforts as appropriate.  The Company's Coos Bay gas assets were impaired in full in the 2019 annual accounts.

While the Board is disappointed with the lack of progress made to date on advancing an RTO to completion, turbulent market conditions, with the number of completed IPOs and RTOs falling sharply, have undoubtably contributed to these delays .  Despite these challenges, the Board believes that Curzon's Standard Listing remains a particularly valuable asset due to various regulatory changes that have limited the number of available shell companies on the main market of the London Stock Exchange over the past year.  As such, the Board continues to work towards protecting and ultimately growing stakeholder value, and believes that an appropriate transaction can achieve this goal.

Additional announcements on progress of this strategy will be announced in due course. 

For further information please contact:
Curzon Energy Plc	[phone]
Scott Kaintz
www.curzonenergy.com

 

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