Curzon Energy PLC Corporate Update (3022I)
December 01 2022 - 6:51AM
UK Regulatory
TIDMCZN
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 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")
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
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