New Project MOU Executed

RNS Number : 9646H

Curzon Energy PLC

21 November 2018

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

21 November 2018

New Project MOU Executed

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

Curzon Energy plc (LON:CZN) the London Stock Exchange listed oil and gas development company, pursuing a targeted acquisition strategy of oil and gas appraisal and development assets, announces that it has entered into a Memorandum of Understanding with Pared Energy, LLC ("Pared"), a privately owned US oil and gas company specializing in Texas-based natural gas projects.       

Highlights:

·    Curzon is working with Pared to evaluate an opportunity that offers participation in the potential development of a major onshore natural gas project

·    The project is centred in the South Texas region and offers multi-TCF potential

·    Pared and Curzon will seek to jointly finance and develop the project

·    Potential terms and joint investment structure are currently under negotiation

·    The gas project being evaluated fits with Curzon's stated strategy of broadening its asset base by acquisition and complements Curzon's Coos Bay project

About Pared Energy:

Pared was formed to develop low-cost, scalable conventional oil and gas assets by coupling advanced evaluation techniques with modern drilling and completion methods to more fully exploit existing proven reservoirs.

Scott Kaintz, Chief Executive Officer comments:

"We are pleased to be working with Pared to evaluate an opportunity that offers participation in the development of a natural gas project in the South Texas region of the United States. Pared's skills in identifying overlooked and often neglected reservoirs where modern horizontal drilling and multi-stage completion methods have yet to be deployed, offers the chance to jointly build an exciting new gas project with the potential for scale and delivering attractive investor returns. 

"The gas development project we are evaluating alongside Pared would complement our existing Coos Bay CBM assets with both near-term production and multi-TCF gas resource upside.

"We look forward to updating the markets with more information as appropriate."    

For further information please contact:

Curzon Energy Plc	[phone]
Scott Kaintz
www.curzonenergy.com
SP Angel Corporate Finance LLP	[phone]
Richard Hail
Richard Redmayne
Optiva Securities Limited	[phone]
Christian Dennis

Additional Notes:

Curzon Energy is listed on the LSE Main Market under the ticker "LON:CZN".

 

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