Curzon Energy PLC Directorate Change (4112G)
November 06 2018 - 1:00AM
UK Regulatory
TIDMCZN
RNS Number : 4112G
Curzon Energy PLC
06 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.
Directorate Change
Curzon Energy Plc
("Curzon" or the "Company")
06 November 2018
Curzon Energy plc (LON:CZN) the London Stock Exchange listed oil
and gas development company is pleased to announce that Scott
Kaintz has agreed to step up from his role as Non-Executive
Director and be appointed Chief Executive Officer.
The Company also announces that, with immediate effect, Stephen
Schoepfer (Chief Executive Officer), Thomas Mazzarisi (CFO and
Corporate Secretary) and Thomas Wagenhofer (Technical Director)
have resigned from the board of the Company. Messrs. Schoepfer and
Mazzarisi have also resigned from their positions with the
Company's subsidiaries, also effective immediately. All three
retiring Directors will continue to work with the Company in
consulting roles on the ongoing development of Coos Bay and wider
initiatives.
Highlights:
-- Appointment of new CEO and a streamlined board of directors
-- Corporate cost-reduction efforts implemented - targeting 50% reduction in overheads
-- Planning for future activities at Coos Bay underway
-- Additional oil and gas opportunities to complement Coos Bay CBM project under review
-- Oversight of Corporate activities to migrate from US to
London to facilitate interaction with key investors and improve
Company messaging
John McGoldrick, Non-Executive Chairman, comments:
"It has been a pleasure to work with Stephen Schoepfer, Thomas
Mazzarisi and Thomas Wagenhofer as they are all talented
professionals who have played key roles in Curzon's development to
date.
Stephen Schoepfer and Thomas Mazzarisi in particular have made
significant contributions to our Coos Bay coal bed methane project
for many years both before and after the IPO of Curzon.
Thomas Wagenhofer meanwhile has been critical to the technical
development at Coos Bay over the past year, particularly in taking
a project that had been on care and maintenance over an extended
period and helping to reactivate it.
We thank all three Directors for their efforts and look forward
to their ongoing contributions to Curzon's development.
Curzon meanwhile is now optimized to take the next steps in its
development process."
Scott Kaintz, incoming Chief Executive Officer, comments:
"I look forward to the opportunity to step into this exciting
and challenging role and to work with the revised board to create
value for our shareholders.
As part of our ongoing development plans, our primary objective
is to re-evaluate and streamline Curzon's cost structure to enable
the majority of funds to go into the ground.
We believe that the US natural gas space remains an attractive
opportunity for UK investors, and we intend to drive Curzon further
towards becoming a producing entity in the near term. This may
include further development of the Coos Bay CBM asset, as well as
evaluating additional, potential projects.
Following this restructuring, we expect to see an increased pace
of activity and operations and we look forward to keeping the
market updated on the Company's developments."
For further information please contact:
Curzon Energy Plc +44 (0) 20 7747 9980
Scott Kaintz
www.curzonenergy.com
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Richard Hail
Richard Redmayne
Optiva Securities Limited +44 (0) 20 3137 1902
Christian Dennis
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END
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