Sale of Corporate Debt and Corporate Update

RNS Number : 8337C

Curzon Energy PLC

13 February 2020

 

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.

13 February 2020

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

Sale of Corporate Debt and Corporate Update

Curzon Energy Plc (LON:CZN) the London Stock Exchange listed oil and gas development company, has been informed by YA Global Investments, LP ("YA"), of the sale of its outstanding debt due to YA, to C4 Energy Ltd ("C4") a UK incorporated private company.  The current balance of the loan agreement is US$200,000 with approximately US$32,000 of accrued interest.

Secured Loan Notes

Separately, the Company remains in discussions with the lenders of £200,000 of secured loan notes, as most recently announced on 18 October 2019.  The Company expects to reach an agreement on a refinancing with the lenders of these notes in due course.

Corporate Update

Following a period of discussions between key stakeholders and investors in the business, the Directors have resolved to enlarge the focus of the Company to potentially include sectors outside of the energy sector.

The Directors have identified a number of attractive opportunities available for Curzon to potentially participate in and, following further evaluation, additional announcements will follow as appropriate.  At this stage, there can be no assurance that these opportunities will lead to any transaction but the Directors remain committed to completing a transaction in the near term.

In light of these developments and overarching market conditions in the junior oil and gas space, the Company has ended discussions around a transaction with Pared Energy in Texas, as most recently announced on 27 September 2019.

For further information please contact:

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

 

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