REG - Curzon Energy plc - Corporate Update

Curzon EnergyAnnouncement

01/12/2022 13:00

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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
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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                                   +44 (0) 20 7747 9980
 Scott Kaintz
 www.curzonenergy.com (http://www.curzonenergy.com)

 

 

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