Curzon Energy Announces Half-Year Results for the Six Months Ended 30 June 2022

Source: 9/27/2022, Location: Europe

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

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.

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.

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.

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