TIDMCZN

RNS Number : 4825L

Curzon Energy PLC

13 September 2021

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 announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Curzon Energy Plc

("Curzon" or the "Company")

Unaudited Half-Year Results for the Six Months Ended 30 June 2021

13 September 2021

Curzon Energy Plc (LON:CZN) the London Stock Exchange listed company, announces its unaudited interim results for the six months to 30 June 2021.

CHAIRMAN'S STATEMENT

I am pleased to present the interim report for the Company, covering its results for the six months ended 30 June 2021.

Financial Review

The Company incurred a loss of US$411,907 in the period. A majority of this loss comprised expenditures in relation to the maintenance of a commercial position at its Coos Bay Energy LLC ("Coos Bay") coalbed methane ("CBM") project as well as corporate costs and overheads associated with the UK listing. Additional expenditures were incurred conducting due diligence on a potential transaction with Poseidon Enhanced Technologies ("PET").

The Company had cash of US$113,282 as at 30 June 2021 (US$146,549 as at 30 June 2020). Basic loss per share of US$ 0.003 (period ended 30 June 2020: US$ 0.004).

Given the nature of the business and its present development strategy, it is unlikely that the Board will recommend a dividend in the foreseeable future.

Outlook

The Company's near-term goal remains focused on exploring ongoing opportunities associated with the Company's historic Coos Bay coal bed methane project, as well as completing due diligence, covering a potential transaction with Poseidon Enhanced Technologies ("PET"). The Company believes that in light of a recent resurgence in US natural gas prices that the Company's historic assets continue to have value, and as such it progressing ongoing discussions regarding a farm-in or sale of these assets.

Due diligence efforts on the potential transaction with PET continue to progress, with PET preparing its operations, its team and its balance sheet for the planned transaction with Curzon.

On behalf of the Board, I would like to take this opportunity to thank our staff and advisers for their hard work as well as our shareholders for their continued support during this extended transition process.

We look forward to updating shareholders on our progress in due course.

John McGoldrick

Chairman and Non-Executive Director

CHIEF EXECUTIVE OFFICER'S REVIEW

The Company remains focused on exploring development opportunities regarding its Coos Bay coal bed methane project, including active renewal discussions regarding license extensions with the major lease owners.

Meanwhile, discussions and data sharing continue with PET, and as demonstrated by the recent extension announced on 1 September 2021, all sides remain engaged and working towards completing this key diligence stage, including preparations of PET to ultimately operate as a listed entity.

The Company remains convinced of the sizeable opportunity that a chemical plastics recycling business offers, particularly in meeting the needs of major European and international brands, which are soon to be required to include 100% recycled PET plastic in their products.

With measurable progress on the potential transaction with PET and increasing US gas prices opening up opportunities regarding a Coos Bay transaction, the Company is well positioned to enter the exciting ESG space meeting a key ongoing industry need for recycled plastics.

Scott Kaintz

Chief Executive Officer

STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE CONDENSED INTERIM REPORT AND CONDENSED FINANCIAL STATEMENTS

The Directors confirm that the condensed interim financial information has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and that the Interim Report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely: an indication of important events that have occurred during the first six months and their impact on the condensed interim financial information, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and material related-party transactions in the first six months and any material changes in the related-party transactions described in the last Annual Report.

By order of the Board

John McGoldrick

Chairman and Non-Executive Director

Consolidated statement of comprehensive income

for the six months ended 30 June 2021

 
                                                 Six months   Six months 
                                                      ended        ended     Year ended 
                                                    30 June      30 June    31 December 
                                                       2021         2020           2020 
                                                  Unaudited    Unaudited        Audited 
                                         Notes          US$          US$            US$ 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 Administrative expenses                   5      (278,305)    (287,043)      (528,799) 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 Loss from operations                             (278,305)    (287,043)      (528,799) 
 Finance expense                           6       (67,847)     (76,470)       (88,775) 
 Impairment of exploration 
  and evaluation assets                                   -            -              - 
 Foreign exchange differences                           266      (3,487)              - 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 Loss before taxation                             (345,886)    (367,000)      (617,574) 
 Income tax expense                                       -            -              - 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 Loss for the period attributable 
  to equity holders of the 
  parent company                                  (345,866)    (367,000)      (617,574) 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 Other comprehensive income/(expense) 
 Gain/(loss) on translation 
  of parent net assets and 
  results from functional 
  currency into presentation 
  currency                                         (66,041)       78,311       (82,297) 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 Total comprehensive loss 
  for the period                                  (411,907)    (288,689)      (699,871) 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 (Loss) per share 
 Basic and diluted, US$                           (0.003) (     (0.004)(       (0.008)) 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 

Consolidated statements of financial position

 
                                            At 30 June     At 30 June   At 31 December 
                                                  2021           2020             2020 
                                             Unaudited      Unaudited          Audited 
                                  Notes            US$            US$              US$ 
-------------------------------  ------  -------------  -------------  --------------- 
 
   Assets 
 Non-current assets 
 Intangible assets                                   -              -                - 
 Property, plant and equipment                       -              -                - 
 Restricted cash                               125,000        125,000          125,000 
 Total non-current assets                      125,000        125,000          125,000 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Current assets 
 Prepayments and other 
  receivables                                   32,180         33,812           41,699 
 Cash and cash equivalents                     113,282        146,549           47,188 
-------------------------------  ------  -------------  -------------  --------------- 
 Total current assets                          145,462        180,361           88,887 
-------------------------------  ------  -------------  -------------  --------------- 
 Total assets                                  270,462        305,361          213,887 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Liabilities 
 Current liabilities 
 Trade and other payables                      746,570        813,274          737,835 
 Borrowings                                  1,576,746        933,382        1,183,018 
-------------------------------  ------  -------------  -------------  --------------- 
 Total current liabilities                   2,323,316      1,746,656        1,920,853 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Total liabilities                           2,323,316      1,746,656        1,920,853 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Capital and reserves 
  attributable to shareholders 
 Share capital                      4        1,105,547      1,105,547        1,105,547 
 Share premium                               3,619,332      3,619,332        3,619,332 
 Share-based payments 
  reserve                                      474,792        474,792          474,792 
 Warrants reserve                              375,198        375,198          375,198 
 Merger reserve                             31,212,041     31,212,041       31,212,041 
 Foreign currency translation 
  reserve                                    (251,714)       (25,065)        (185,673) 
 Accumulated losses                       (38,588,050)   (38,203,140)     (38,308,203) 
-------------------------------  ------  -------------  -------------  --------------- 
 Total capital and reserves                (2,052,854)    (1,441,295)      (1,706,966) 
-------------------------------  ------  -------------  -------------  --------------- 
 Total equity and liabilities                  270,462        305,361          213,887 
-------------------------------  ------  -------------  -------------  --------------- 
 

Consolidated statements of changes in equity

 
                                                                                      Foreign 
                                                          Share-based                currency 
                      Share       Share   Consolidation       payment   Warrant   translation    Accumulated 
                    capital     premium         reserve       reserve   reserve       reserve         losses         Total 
                        US$         US$             US$           US$       US$           US$            US$           US$ 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 At 1 January 
  2020 
  (audited)       1,103,457   3,586,947      31,212,041       474,792   213,250     (103,376)   (37,836,140)   (1,349,029) 
 Loss for the 
  period                  -           -               -             -         -                    (367,000)     (367,000) 
 Other 
  comprehensive 
  income for 
  the 
  period                  -           -               -             -         -        78,311              -        78,311 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Total 
  comprehensive 
  loss for the 
  period                  -           -               -             -         -        78,311      (367,000)     (288,689) 
 Issue of share 
  options             2,090     206,871               -             -         -             -              -       208,961 
 Share issue 
  costs                   -    (12,538)               -             -         -             -              -      (12,538) 
 Issue of 
  warrants                -   (161,948)               -             -   161,948             -              -             - 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 At 30 June 
  2020 
  (unaudited)     1,105,547   3,619,332      31,212,041       474,792   375,198      (25,065)   (38,203,140)   (1,441,295) 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 
 
 At 1 January 
  2020 
  (audited)       1,103,457   3,586,947      31,212,041       474,792   213,250     (103,376)   (37,836,140)   (1,349,029) 
 Loss for the 
  year 
  2020                    -           -               -             -         -             -      (617,574)     (617,574) 
 Other 
  comprehensive 
  income for 
  the 
  year                    -           -               -             -         -      (82,297)              -      (82,297) 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Total 
  comprehensive 
  loss for the 
  year                    -           -               -             -         -      (82,297)      (617,574)     (699,871) 
 Issue of 
  shares              2,090     206,871               -             -         -             -              -       208,961 
 Share issue 
  costs                   -    (12,538)               -             -                       -              -      (12,538) 
 Issue of 
  warrants                -   (161,948)               -             -   161,948             -              -             - 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 
 At 1 January 
  2021 
  (audited)       1,105,547   3,619,332      31,212,041       474,792   375,198     (185,673)   (38,308,203)   (1,706,966) 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Loss for the 
  period                  -           -               -             -         -             -      (345,866)     (345,866) 
 Other 
  comprehensive 
  income for 
  the 
  year                    -           -               -             -         -      (66,041)              -      (66,041) 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Total 
  comprehensive 
  loss for the 
  year                                                                               (66,041)      (345,866)     (411,907) 
 At 30 June 
  2021 
  (unaudited)     1,105,547   3,619,332      31,212,041       474,792   375,198     (251,714)   (38,588,050)   (2,052,854) 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 

Consolidated statement of cash flows

 
                                                 Six months   Six months 
                                                      ended        ended     Year ended 
                                                    30 June      30 June    31 December 
                                                       2021         2020           2020 
                                                  Unaudited    Unaudited        Audited 
                                         Notes          US$          US$            US$ 
-------------------------------------  -------  -----------  -----------  ------------- 
 Cash flow from operating 
  activities 
 Loss before taxation                             (345,866)    (367,000)      (617,574) 
 Adjustments for: 
 Finance expense                                     67,847       76,470        111,881 
 Share-based payments charge                              -            -              - 
 Impairment of exploration                                -            -              - 
  assets 
 Foreign exchange movements                           (266)        3,487       (23,106) 
 Operating cashflows before 
  working capital changes                         (278,285)    (287,043)      (528,799) 
 Changes in working capital: 
 (Increase)/decrease in receivable                    9,519      (2,610)       (10,496) 
 (Decrease)/ increase in payables                     8,735     (13,129)         26,464 
----------------------------------------------  -----------  -----------  ------------- 
 Net cash used in operating 
  activities                                         18,254    (302,782)      (512,831) 
----------------------------------------------  -----------  -----------  ------------- 
 
 Financing activities 
 Issue of ordinary shares                                 -      196,423        196,423 
 Costs of share issue                                     -            -              - 
 Proceeds from new borrowings                       323,974      227,341        331,760 
 Net cash flow from financing 
  activities                                        323,974      423,764        528,183 
----------------------------------------------  -----------  -----------  ------------- 
 Net Increase in cash and 
  cash equivalents in the period                     63,943      120,982         15,352 
 
 Cash and cash equivalents 
  at the beginning of the period                     47,188       28,709         28,709 
 Restricted cash held on deposits                   125,000      125,000        125,000 
----------------------------------------------  -----------  -----------  ------------- 
 Total cash and cash equivalents 
  at the beginning of the period, 
  including restricted cash                         172,188      153,709        153,709 
----------------------------------------------  -----------  -----------  ------------- 
 
 Effect of the translation 
  of cash balances into presentation 
  currency                                            2,151      (3,142)          3,127 
 Cash and cash equivalents 
  at the end of the period                          113,282      146,549         47,188 
 Restricted cash held on deposits                   125,000      125,000        125,000 
----------------------------------------------  -----------  -----------  ------------- 
 Total cash and cash equivalents 
  at the end of the period, 
  including restricted cash                         238,282      271,549        172,188 
----------------------------------------------  -----------  -----------  ------------- 
 

This consolidated financial information has been approved by the Company's Directors.

NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION

1. General information and basis of preparation

The Company was incorporated and registered in England as a public limited company. The Company's registered number is 09976843 and its registered office is at Kemp House, 152 City Road, London EC1V 2NX. On 4 October 2017, the Company's shares were admitted to the Official List (by way of Standard Listing) and to trading on the London Stock Exchange's Main Market.

With effect from admission, the Company has been subject to the Listing Rules and the Disclosure Guidance and Transparency Rules (and the resulting jurisdiction of the UK Listing Authority) to the extent such rules apply to companies with a Standard Listing pursuant to Chapter 14 of the Listing Rules.

The principal activity of the Company is that of a holding company for its subsidiaries, as well as performing all administrative, corporate finance, strategic and governance functions of the Group. The Company's investments comprise of subsidiaries operating in the natural gas sector.

The Company has the following subsidiary undertakings:

 
                                                        Proportion 
                                                         held by Group 
                   Country                               at reporting 
 Name               of incorporation   Issued capital    date            Activity 
----------------  ------------------  ---------------  ---------------  ------------------------ 
 Coos Bay Energy                       Membership 
  LLC              USA                  interests       100%             Oil and Gas Exploration 
 Westport Energy 
  Acquisitions 
  Inc.             USA                 Shares           100%             Holding Company 
 Westport Energy                       Membership 
  LLC              USA                  interests       100%             Holding Company 
----------------  ------------------  ---------------  ---------------  ------------------------ 
 

More information on the individual group companies and timing of their acquisition is presented in the Company's audited consolidated financial information and notes thereto for the year ended 31 December 2020.

2. Accounting policies

The Group Financial statements are presented in US Dollars.

Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations as endorsed by the EU ("IFRS") and the requirements of the Companies Act applicable to companies reporting under IFRS.

The preparation of the Group financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the Directors to exercise their judgment in the process of applying the Group's accounting policies. The Group's accounting policies as well as the areas, involving a higher degree of judgment and complexity, or areas where assumptions and estimates are significant to the Group financial statements are disclosed in the audited annual report for the year ended 31 December 2020 and are available on the Group's website.

In the opinion of the management, the interim unaudited consolidated financial information includes all adjustments considered necessary for fair and consistent presentation of this financial information. The interim unaudited consolidated financial information should be read in conjunction with the Company's audited financial statements and notes for the year ended 31 December 2020.

Going concern

The Group financial statements have been prepared on a going concern basis as the Directors have assessed the Group's ability to continue in operational existence for the foreseeable future. The operations are currently being financed by third party loans and issuances of new equity. The Group is reliant on the continuing support from its shareholders and the expected support of future shareholders. The Group financial statements do not include the adjustments that would result if the Group were not to continue as a going concern.

Basis of consolidation

The consolidated financial statements of the Group incorporate the financial statements of the Company and entities controlled by the Company, its subsidiaries. More information on the individual group companies, details and timing of their acquisition is presented in the Company's audited consolidated financial information and notes thereto for the year ended 31 December 2020.

At the time of its acquisition by the Company, Coos Bay Energy LLC consisted of Coos Bay Energy LLC and its wholly owned US Group. It is the Directors' opinion that the Company at the date of acquisition of Coos Bay Energy LLC did not meet the definition of a business as defined by IFRS 3 and, therefore, the acquisition is outside on the IFRS 3 scope. Where a party to an acquisition fails to satisfy the definition of a business, as defined by IFRS 3, management have decided to adopt a "merger accounting" method of consolidation as the most relevant method to be used.

The Group consistently applies it to all similar transactions in the following way:

- the acquired assets and liabilities are recorded at their existing carrying values rather than at fair value;

- no goodwill is recorded;

- all intra-group transactions, balances and unrealised gains and losses on transactions are eliminated from the beginning of the first comparative period or inception, whichever is earlier;

- comparative periods are restated from the beginning of the earliest comparative period presented based on the assumption that the companies have always been together;

- all the pre-acquisition accumulated losses of the legal acquire are assumed by the Group as if the companies have always been together;

- all the share capital and membership capital contributions of all the companies included into the legal acquiree sub-group less the Company's cost of investment into these companies are included into the merger reserve; and

- the Company's called up share capital is restated at the preceding reporting date to reflect the value of the new shares that would have been issued to acquire the merged company had the merger taken place at the first day of the comparative period. Where new shares have been issued during the current period that increased net assets (other than as consideration for the merger), these are recorded from their actual date of issue and are not included in the comparative statement of financial position.

The results and cash flows of all the combining entities were brought into the financial statements of the combined entity from the beginning of the financial year in which the combination occurred, adjusted so as to achieve uniformity of accounting policies. The comparative information was restated by including the total comprehensive income for all the combining entities for the previous reporting period and their statement of financial position for the previous reporting date, adjusted as necessary to achieve uniformity of accounting policies.

At 30 June 2021, 30 June 2020 and 31 December 2020, the group results include the results of Curzon Energy Plc, Coos Bay Energy LLC, Westport Energy Acquisitions Inc. and Westport Energy LLC.

Segmental analysis

In the opinion of the Directors, the Group is primarily organised into a single operating segment. This is consistent with the Group's internal reporting to the chief operating decision maker. Separate segmental disclosures have therefore not been included.

   3.    Loss per share 

The basic loss per share is derived by dividing the loss for the year attributable to ordinary shareholders of the Company by the weighted average number of shares in issue. Diluted loss per share is derived by dividing the loss for the year attributable to ordinary shareholders of the Company by the weighted average number of shares in issue plus the weighted average number of ordinary shares that would be issued on conversion of all dilutive potential ordinary shares into ordinary shares.

The following reflects the loss and share data used in the basic and diluted loss per share computations:

 
                                             For six 
                                              months   For six months       For year 
                                               ended            ended          ended 
                                             30 June          30 June    31 December 
                                                2021             2020           2020 
                                           Unaudited        Unaudited        Audited 
---------------------------------------  -----------  ---------------  ------------- 
 
 Loss after tax (US$)                      (345,886)        (367,000)      (617,574) 
 Weighted average number of ordinary 
  shares of GBP0.0001 in issue            99,639,565       85,483,125     92,632,948 
 Effect of dilutive options and 
  warrants                                                                         - 
 Weighted average number of ordinary 
  shares of GBP0.01 in issue inclusive 
  of outstanding dilutive options 
  and warrants                            99,639,565       85,483,125     92,632,948 
 Loss per share - basic and fully 
  diluted (US$)                              (0.003)          (0.004)        (0.008) 
---------------------------------------  -----------  ---------------  ------------- 
 

At 30 June 2021, 31 December 2020 and 30 June 2020, the effect of all potentially dilutive instruments was anti-dilutive as it would lead to a further reduction of loss per share, therefore, they were not included into the diluted loss per share calculation. Options and warrants, that could potentially dilute basic EPS in the future, but were not included in the calculation of diluted EPS for the periods presented:

 
                                               For six      For six 
                                                months       months       For year 
                                                 ended        ended          ended 
                                               30 June      30 June    31 December 
                                                  2021         2020           2020 
                                             Unaudited    Unaudited        Audited 
 Share options granted to employees 
  - fully vested at the end of the 
  respective period                            280,854      280,854        280,854 
 Warrants given to shareholders as 
  a part of placing equity instruments 
  - fully vested at the end of the 
  respective period                         17,606,594   23,243,125     20,612,925 
-----------------------------------------  -----------  -----------  ------------- 
 Total instruments fully vested             17,887,448   23,523,979     20,893,779 
-----------------------------------------  -----------  -----------  ------------- 
 Total number of instruments and 
  potentially issuable instruments 
  (vested and not vested) not included 
  into the fully diluted EPS calculation    17,887,448   23,523,979       20,893,779 
-----------------------------------------  -----------  -----------  --------------- 
 
   4.    Share capital 

Issued equity share capital

 
                                At 30 June 2021           At 30 June 2020           At 31 December 
                                      Unaudited                 Unaudited                     2020 
                                                                                           Audited 
                        -----------------------  ------------------------  ----------------------- 
                             Number         US$        Number         US$       Number         US$ 
----------------------  -----------  ----------  ------------  ----------  -----------  ---------- 
 Issued and fully 
  paid 
 Existing Ordinary                -           -             -           -            -           - 
  Shares of GBP0.01 
  each 
 After subdivision*: 
 New Ordinary shares 
  of GBP0.0001 each      99,639,565      13,124   99,639,565,      13,124   99,639,565      13,124 
 Deferred Shares 
  of GBP0.0099 each      83,032,972   1,092,423    83,032,972   1,092,423   83,032,972   1,092,422 
 Total Share Capital, 
  US$                                 1,105,547                 1,105,547                1,105,547 
----------------------  -----------  ----------  ------------  ----------  -----------  ---------- 
 

*On 6 May 2020, the Company's shareholders approved the subdivision and re-designation of the 83,032,971 Existing Ordinary Shares ("Existing Ordinary Shares") of GBP0.01 each in the capital of the Company into (i) 83,032,971 New Ordinary Shares ("New Ordinary Shares") of GBP0.0001 each and (ii) 83,032,971 Deferred Shares ("Deferred Shares") of GBP0.0099 each in the capital of the Company, and to amend the Company's Articles of Association accordingly.

Each New Ordinary Share carries the same rights in all respects under the amended Articles of Association as each Existing Ordinary Share did under the existing Articles of Association, including the rights in respect of voting and the entitlement to receive dividends. Each Deferred Share carries no rights and is deemed effectively valueless.

Warrants

On 3 0 June 2021 , the following warrants were in issue:

 
 Warrant exercise     Number of warrants   Expiry date        Fair value of 
  price                          granted                  individual option 
 GBP0.015                     17,606,594   3 June 2022           GBP0.00731 
-------------------  -------------------  ------------  ------------------- 
 Total warrants in 
  issue at 30 June 
  2021                        17,606,594 
-------------------  -------------------  ------------  ------------------- 
 

5. Administrative expenses

 
                                           For six 
                                            months                        For year 
                                             ended   For six months          ended 
                                           30 June            ended    31 December 
                                              2021      30June 2020          20120 
                                         Unaudited        Unaudited        Audited 
                                               US$              US$            US$ 
-------------------------------  ----  -----------  ---------------  ------------- 
 
 Staff costs 
 Directors' salaries                       121,459          115,382        241,376 
 Consultants                                10,411           28,363         42,445 
 Employer's NI                               1,786            5,254         15,891 
 Professional services 
 Accounting, audit & taxation               26,482           38,181         74,752 
 Legal                                      48,722                -              - 
 Marketing                                       -            9,573         12,235 
 Other                                      13,716           18,411              - 
 Regulatory compliance                      15,805           15,681         93,484 
 Standard Listing Regulatory                     -            2,098              - 
  Costs 
 Travel                                          -              485            492 
 Business development                            -                -              - 
 Office and Admin 
 General                                     9,204            5,215              - 
 IT related costs                            5,891            2,164          1,622 
 Mineral rights lease (outside 
  of IFRS 16 scope)                              -           24,190         11,349 
 Temporary storage and office 
  rent                                       4,631            9,440         19,140 
 Insurance                                  20,098           12,606         16,013 
 Total administrative costs                278,305          287,043        528,799 
-------------------------------------  -----------  ---------------  ------------- 
 
 
   6.    Borrowings 

The following loans from third parties were outstanding during the six months ended 30 June 2021. Details of the notes are disclosed in the table below:

 
                       Origination     Contractual     Loan value      Annual       Security 
                              date      settlement    in original    interest 
                                              date       currency        rate 
                                                      (principal) 
-------------------  -------------  --------------  -------------  ----------  ------------- 
 
 C4 Energy Ltd          3 Oct 2018      1 Oct 2020       $100,000         10%      Unsecured 
 C4 Energy Ltd         25 Apr 2019      1 Oct 2020       $100,000         10%      Unsecured 
 Bruce Edwards          1 Sep 2017      1 Oct 2019       $100,000         15%      Unsecured 
 Poseidon Enhanced 
  Technologies 
  Limited               3 Feb 2020      3 Feb 2021     GBP240,000         10%      Unsecured 
 HNW Investor                                                                   100% of Coos 
  Group                26 Jun 2019      1 Oct 2020     GBP200,000         13%     Bay assets 
 Sun Seven Stars 
  Investment 
  Group                13 Mar 2020    30 Sept 2021     GBP260,000         10%      Unsecured 
-------------------  -------------  --------------  -------------  ----------  ------------- 
 

The Company has entered into a loan agreement with Poseidon Enhanced Technologies Limited in the form of a one-year note, carrying an annual interest rate of 10% per annum and convertible at a price of any subsequent share issue alongside the contemplated RTO transaction. A total of GBP500,000 is authorised to be made available, of which GBP240,000 has been drawn down as of 30 June 21.

No interim payments are required under the promissory notes, as the payment terms require the original principal amount of each note, and all accrued interest thereon, to be paid in single lump payments on the respective contractual settlement dates.

 
                                   30 June 2021   30 June 2020   31 December 
                                      Unaudited      Unaudited          2020 
                                            US$            US$       Audited 
                                                                         US$ 
--------------------------------  -------------  -------------  ------------ 
 
 At the beginning of the period       1,183,018        698,798       698,798 
 Received during the year               332,040        227,341       331,760 
 Interest accrued during the 
  period                                 67,847         49,960       109,943 
 Exchange rate differences              (6,159)       (42,717)        42,517 
 At the end of the period             1,576,746        933,382     1,183,018 
--------------------------------  -------------  -------------  ------------ 
 
 
 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

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