Curzon Energy Announces Exclusivity Extension

Source: www.gulfoilandgas.com 3/1/2021, Location: Europe

Curzon Energy Plc (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™, 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.


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