TIDMCZN

RNS Number : 6064Q

Curzon Energy PLC

01 March 2021

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.

1 March 2021

Curzon Energy Plc

("Curzon" or the "Company")

Exclusivity Extension

Curzon Energy Plc (LON:CZN), the London Stock Exchange listed oil and gas company, announces that under the terms of the LOI initially announced on 3 February 2021, Poseidon Enhanced Technologies ("PET") has informed the Company of an extension of the existing exclusivity period through 1 April 2021.

The Company continues in a period during which each party is conducting due diligence on the other. The parties continue to work towards the execution and delivery of a definitive purchase agreement, contemplating a reverse takeover of Curzon by PET ("RTO"), which will be conditional upon receipt of the required regulatory approvals from the FCA and its primary market functions, among other matters.

A potential transaction, if completed, would constitute a reverse takeover under the Listing Rules. The Company will continue to update the market on progress as appropriate.

About Poseidon Enhanced Technologies

Poseidon aims to provide the lowest-cost solution for the food and beverage industry to achieve its goal of reducing the use of virgin PET* and single-use plastics. Poseidon's mission is to convert waste PET into 100% recycled feedstock for the global food-grade PET packaging and fibre industries, utilising its patented environmentally-friendly chemical recycling process.

Poseidon's proprietary chemical recycling technology is designed to process all 'waste' PET plastic, including previously unrecyclable plastics such as coloured bottles, trays, fibre and films, converting them directly into Poseidon rBHET(TM), an interim feedstock for the global PET industry, thereby completing a Circular Economy. Poseidon is currently developing its recycling technology at its facilities at Teesside, UK and is planning an industrial scale roll-out which is expected to be facilitated by the listing process and an associated capital raise.

* Virgin Polyethylene terephthalate produced from crude oil

 
 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

Broker

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCPPUQAPUPGPGR

(END) Dow Jones Newswires

March 01, 2021 02:00 ET (07:00 GMT)

Curzon Energy (LSE:CZN)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Curzon Energy Charts.
Curzon Energy (LSE:CZN)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Curzon Energy Charts.