TIDMCZN

RNS Number : 7148A

Curzon Energy PLC

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

27 September 2022

Curzon Energy Plc

("Curzon" or the "Company")

Unaudited Half-Year Results for the Six Months Ended 30 June 2022

Curzon Energy plc (LON:CZN) the London Stock Exchange listed oil and gas development company, announces its unaudited interim results for the six months to 30 June 2022.

CHAIRMAN'S STATEMENT

I am pleased to present the interim report for the Company covering its results for the six months ended 30 June 2022.

Financial review

The Company incurred a loss of US$ 180,131 in the period. A majority of this loss comprised expenditures in relation to the maintenance of the commercial potential of its Coos Bay CBM project as well as listing related corporate overheads in London. Additional expenditures were incurred conducting due diligence on a potential transaction with Poseidon Enhanced Technologies (" PET " ).

Net cash of US$ 109,796 as at 30 June 202 2 (US$ 182,200 as at 31 December 20 21 ). Basic loss per share of US$ 0.004 (period ended 30 June 20 21 : US$ 0.00 3).

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

Outlook

The Company's near-term goal s remains focused on both exploring ongoing opportunities and license renewals associated with the Company's historic Coos Bay coal bed methane project, as well as exploring a potential reverse takeover transaction. While the Company believes the Coos Bay assets hold residual potential value, the failure of the Jordan Cove LNG terminal to be progressed, the distance from existing oil and gas infrastructure and services, as well as challenges in renewing the historic licenses at a reasonable cost have all proven to be obstacles to reengaging the project.

Due diligence efforts on the potential transaction with PET have taken longer than expected to date with both market turmoil in general and volatility in the plastics markets causing uncertainties on the timing of any transaction. We continue to assess the PET transaction, as well as other potential transactions as the most attractive way forward for the business, however, there remains no certainty that a transaction as currently envisioned will be consummated .

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.

We will update shareholders on our progress in due course.

John McGoldrick

Chairman and Non-Executive Director

CHIEF EXECUTIVE OFFICER'S REVIEW

While exploring RTO options, 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 two major lease owners.

In London the Company has kept the cost basis low over the course of the year, recognizing the need to maintain a minimum operating base in current market conditions. Meanwhile, discussions and data sharing continue with PET, with the Company looking to provide clarity on the transaction as soon as is feasible.

While the pacing of these developments have been somewhat delayed, we appreciate the patience of all stakeholders as we work through these various delays.

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 2022

 
                                                 Six months   Six months 
                                                      ended        ended     Year ended 
                                                    30 June      30 June    31 December 
                                                       2022         2021           2021 
                                                  Unaudited    Unaudited        Audited 
                                         Notes          US$          US$            US$ 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 Administrative expenses                   5      (307,999)    (278,305)      (569,865) 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 Loss from operations                             (307,999)    (278,305)      (569,865) 
 Finance expense                           6       (98,067)     (67,847)      (159,087) 
 Provision for reclamation 
  obligation                                              -            -      (125,000) 
 Foreign exchange differences                       (2,358)          266        (6,511) 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 Loss before taxation                             (408,424)    (345,886)      (860,463) 
 Income tax expense                                       -            -              - 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 Loss for the period attributable 
  to equity holders of the 
  parent company                                  (408,424)    (345,866)      (860,463) 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 Other comprehensive income/(expense) 
 Gain/(loss) on translation 
  of parent net assets and 
  results from functional 
  currency into presentation 
  currency                                          228,293     (66,041)         39,119 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 Total comprehensive loss 
  for the period                                  (180,131)    (411,907)      (821,344) 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 (Loss) per share 
 Basic and diluted, US$                           (0.004) (    (0.003) (      (0.009) ( 
--------------------------------------  ------  -----------  -----------  ------------- 
 
 

Consolidated statements of financial position

 
                                            At 30 June     At 30 June   At 31 December 
                                                  2022           2021             2021 
                                             Unaudited      Unaudited          Audited 
                                  Notes            US$            US$              US$ 
-------------------------------  ------  -------------  -------------  --------------- 
 
   Assets 
 Non-current assets 
 Intangible assets                                   -              -                - 
 Property, plant and equipment                       -              -                - 
 Restricted cash                                     -        125,000                - 
 Total non-current assets                            -        125,000                - 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Current assets 
 Prepayments and other 
  receivables                                   35,928         32,180           44,058 
 Cash and cash equivalents                      73,868        113,282          138,142 
-------------------------------  ------  -------------  -------------  --------------- 
 Total current assets                          109,796        145,462          182,200 
-------------------------------  ------  -------------  -------------  --------------- 
 Total assets                                  109,796        270,462          182,200 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Liabilities 
 Current liabilities 
 Trade and other payables                      766,976        746,570          774,591 
 Borrowings                                  2,051,261      1,576,746        1,935,919 
-------------------------------  ------  -------------  -------------  --------------- 
 Total current liabilities                   2,818,237      2,323,316        2,710,510 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Total liabilities                           2,818,237      2,323,316        2,710,510 
-------------------------------  ------  -------------  -------------  --------------- 
 
 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                                       81,739      (251,714)        (146,554) 
 Accumulated losses                       (38,577,090)   (38,588,050)     (39,168,666) 
-------------------------------  ------  -------------  -------------  --------------- 
 Total capital and reserves                (2,708,441)    (2,052,854)      (2,528,310) 
-------------------------------  ------  -------------  -------------  --------------- 
 Total equity and liabilities                  109,796        270,462          182,200 
-------------------------------  ------  -------------  -------------  --------------- 
 

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 
  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) 
 
 
 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 
  year 
  2021                    -           -               -             -         -             -      (860,463)     (860,463) 
 Other 
  comprehensive 
  income for 
  the 
  year                    -           -               -             -         -        39,199              -        39,199 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Total 
  comprehensive 
  loss for the 
  year                    -           -               -             -         -        39,199      (860,463)     (821,344) 
 
 At 1 January 
  2022 
  (audited)       1,105,547   3,619,332      31,212,041       474,792   375,198     (146,554)   (39,168,666)   (2,528,310) 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Loss for the 
  period                  -           -               -             -         -             -      (408,424)     (408,424) 
 Other 
  comprehensive 
  income for 
  the 
  year                    -           -               -             -         -       228,293              -       228,293 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Total 
  comprehensive 
  loss for the 
  year                                                                                228,293      (408,424)     (180,131) 
 At 30 June 
  2021 
  (unaudited)     1,105,547   3,619,332      31,212,041       474,792   375,198        81,739   (39,577,090)   (2,708,441) 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 

Consolidated statement of cash flows

 
                                                 Six months   Six months 
                                                      ended        ended     Year ended 
                                                    30 June      30 June    31 December 
                                                       2022         2021           2021 
                                                  Unaudited    Unaudited        Audited 
                                         Notes          US$          US$            US$ 
-------------------------------------  -------  -----------  -----------  ------------- 
 Cash flow from operating 
  activities 
 Loss before taxation                             (408,424)    (345,866)      (860,463) 
 Adjustments for: 
 Finance expense                                     98,067       67,847        159,087 
 Share-based payments charge                              -            -              - 
 Provision for reclamation 
  obligations                                             -            -        125,000 
 Foreign exchange movements                           2,358        (266)          6,511 
 Operating cashflows before 
  working capital changes                         (307,999)    (278,285)      (569,865) 
 Changes in working capital: 
 (Increase)/decrease in receivable                    5,453        9,519        (2,359) 
 (Decrease)/ increase in payables                    64,135        8,735         46,220 
----------------------------------------------  -----------  -----------  ------------- 
 Net cash used in operating 
  activities                                      (238,411)    (260,031)      (526,004) 
----------------------------------------------  -----------  -----------  ------------- 
 
 Financing activities 
 Issue of ordinary shares                                 -            -              - 
 Costs of share issue                                     -            -              - 
 Proceeds from new borrowings                       184,693      323,974        619,886 
 Net cash flow from financing 
  activities                                        184,693      323,974        619,886 
----------------------------------------------  -----------  -----------  ------------- 
 Net Increase in cash and 
  cash equivalents in the period                   (53,718)       63,943         93,882 
 
 Cash and cash equivalents 
  at the beginning of the period                    138,142       47,188         47,188 
 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                         263,142      172,188        172,188 
----------------------------------------------  -----------  -----------  ------------- 
 
 Effect of the translation 
  of cash balances into presentation 
  currency                                         (10,556)        2,151        (2,927) 
 Cash and cash equivalents 
  at the end of the period                           73,868      113,282        138,142 
 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                         198,868      238,282        263,142 
----------------------------------------------  -----------  -----------  ------------- 
 

The accompanying notes are an integral part of this consolidated financial information.

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

Curzon Energy Plc

Interim financial information for the six months ended 30 June 2021

NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION

1. General information and basis of preparation

The Company was incorporated and registered in England and 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             Issued        at reporting 
 Name                of incorporation    capital      date            Activity 
-----------------  ------------------  -----------  ---------------  ------------------------ 
 Coos Bay Energy,                       Membership 
  LLC               USA                  interests   100%             Holding company 
 Westport Energy 
  Acquisitions, 
  Inc.              USA                 Shares       100%             Holding company 
 Westport Energy,                       Membership 
  LLC               USA                  interests   100%             Oil and gas exploration 
-----------------  ------------------  -----------  ---------------  ------------------------ 
 

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 2021.

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 2021 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 2021.

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 2019.

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 2022, 30 June 2021 and 31 December 2021, the group results include the results of Curzon Energy Plc, Coos Bay Energy, LLC, Westport Energy Acquisitions, Inc. and Westport Energy, LLC.

   2.   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      For six 
                                              months       months       For year 
                                               ended        ended          ended 
                                             30 June      30 June    31 December 
                                                2022         2021           2021 
                                           Unaudited    Unaudited        Audited 
---------------------------------------  -----------  -----------  ------------- 
 
 Loss after tax (US$)                      (408,242)    (345,886)      (860,463) 
 Weighted average number of ordinary 
  shares of GBP0.0001 in issue            99,639,565   99,639,565     99,639,565 
 Effect of dilutive options and 
  warrants                                                                     - 
 Weighted average number of ordinary 
  shares of GBP0.01 in issue inclusive 
  of outstanding dilutive options 
  and warrants                            99,639,565   99,639,565     99,639,565 
 Loss per share - basic and fully 
  diluted (US$)                              (0.004)      (0.003)        (0.009) 
---------------------------------------  -----------  -----------  ------------- 
 

At 30 June 2022, 31 December 2021 and 30 June 2021 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 
                                                  2022         2021           2021 
                                             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   17,606,594     18,606,594 
-----------------------------------------  -----------  -----------  ------------- 
 Total instruments fully vested             17,887,448   17,887,448     18,887,448 
-----------------------------------------  -----------  -----------  ------------- 
 Total number of instruments and 
  potentially issuable instruments 
  (vested and not vested) not included 
  into the fully diluted EPS calculation    17,887,448   17,887,448       18,887,448 
-----------------------------------------  -----------  -----------  --------------- 
 
   4.      Share capital 

Issued equity share capital

 
                                At 30 June 2022          At 30 June 2021           At 31 December 
                                      Unaudited                Unaudited                     2021 
                                                                                          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 2022 , the following warrants were in issue:

 
 Warrant exercise             Number of      Expiry date       Fair value 
  price                warrants granted                     of individual 
                                                                   option 
 GBP0.011                     1,000,000   1 October 2022        GBP0.0056 
-------------------  ------------------  ---------------  --------------- 
 Total warrants in 
  issue at 30 June 
  2022                        1,000,000 
-------------------  ------------------  ---------------  --------------- 
 
   5.   Administrative expenses 
 
                                           For six 
                                            months                        For year 
                                             ended   For six months          ended 
                                           30 June            ended    31 December 
                                              2022      30June 2021           2021 
                                         Unaudited        Unaudited        Audited 
                                               US$              US$            US$ 
-------------------------------  ----  -----------  ---------------  ------------- 
 
 Staff costs 
 Directors' salaries                       128,625          121,459        254,842 
 Consultants                                15,514           10,411         13,219 
 Employer's NI                               7,282            1,786         22,729 
 Professional services 
 Accounting, audit & taxation               45,390           26,482         90,527 
 Legal                                       4,512           48,722              - 
 Marketing                                   2,668                -         14,447 
 Other                                           -           13,716            440 
 Regulatory compliance                      29,521           15,805         63,298 
 Standard Listing Regulatory 
  Costs                                          -                -         48,351 
 Travel                                     12,840                -              - 
 Business development                            -                -              - 
 Office and Admin 
 General                                    23,583            9,204         11,716 
 IT related costs                            1,792            5,891              - 
 Mineral rights lease (outside                   -                - 
  of IFRS 16 scope)                                                              - 
 Temporary storage and office 
  rent                                      17,684            4,631          7,199 
 Insurance                                  18,588           20,098         43,097 
 Total administrative costs                307,999          278,305        569,865 
-------------------------------------  -----------  ---------------  ------------- 
 
 
   6.      Borrowings 

The following loans from third parties were outstanding during the six months ended 30 June 2022. 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) 
-------------------  -------------  ----------------------  -------------  ----------  -------------- 
 
                           22 Sept    Conversion/Repayment 
 C4 Energy Ltd                2017             at RTO date       $200,000         15%       unsecured 
 
                                                Conversion 
 Bruce Edwards          1 Sep 2017             at RTO date       $100,000         15%       unsecured 
                                                                                        100% interest 
   HNW Investor                       Conversion/Repayment                                in Coos Bay 
   Group               1 July 2019             at RTO date     GBP263,265         13%             LLC 
 
   Sun Seven Stars 
   Investment                         Conversion/Repayment 
   Group ("SSSIG")     13 Mar 2020             at RTO date     GBP260,000         10%       unsecured 
 Poseidon Plastics      2 February             14 February 
  Limited ("PPL")             2021                   2023*     GBP590,000         10%       unsecured 
-------------------  -------------  ----------------------  -------------  ----------  -------------- 
 

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   30 June 2021   31 December 
                                         2022      Unaudited          2020 
                                    Unaudited            US$       Audited 
                                          US$                          US$ 
--------------------------------  -----------  -------------  ------------ 
 
 At the beginning of the period     1,935,919      1,183,018     1,183,018 
 Received during the year             197,885        332,040       619,886 
 Interest accrued during the 
  period                               97,065         67,847       158,564 
 Exchange rate differences          (179,608)        (6,159)      (25,549) 
 At the end of the period           2,051,261      1,576,746     1,935,919 
--------------------------------  -----------  -------------  ------------ 
 
   7.   Post balance sheet events 

On 15 July 2022 the Company announced that it continued active discussions regarding the potential extension of PET's exclusivity rights in contemplation of a reverse takeover transaction.

 
 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

IR GZGZLGVZGZZZ

(END) Dow Jones Newswires

September 27, 2022 02:01 ET (06:01 GMT)

Curzon Energy (LSE:CZN)
Historical Stock Chart
From Nov 2022 to Dec 2022 Click Here for more Curzon Energy Charts.
Curzon Energy (LSE:CZN)
Historical Stock Chart
From Dec 2021 to Dec 2022 Click Here for more Curzon Energy Charts.