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Curzon Energy PLC

Curzon Energy keen to add second US gas asset

Snapshot

  • AIM-listed company focused on US natural gas assets
  • A re-evaluation of unconventional gas asset Coos Bay in Oregon likely
  • Company has raised £200,000 to conclude negotiations over Pared assets in Texas
Gas facility

Quick facts: Curzon Energy PLC

Price: £0.01

Market: LSE
Market Cap: £839.46 k
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What it owns

 

Curzon only has one asset currently, Coos Bay, a 45,000-acre coal bed methane gas project made up of leases in Oregon on the US Pacific Northwest coast.

A previous independent estimate suggested around 1trn cubic feet of gas is contained within the entire Coos Bay acreage, with some 273mln cu ft (mmcf) in the probable (2c) resources category.

Curzon floated on AIM in October 2017 with the idea to workover existing wells to start to generate cashflow, but has had a re-think.

Kaintz says the plan is re-evaluate how best to access the gas ‘we know is there’.

Elsewhere, Curzon is close to finalising a deal with Pared Energy on a project in South Texas, a site that has multi-TCF gas potential

Pared is a privately-owned specialist in Texas assets and Curzon will seek jointly to finance and develop the project.

In July, Curzon agreed to issue secured loan notes of up to £200,000 to high net worth investors.

The oil and gas firm said the proceeds would be used for working capital and to finalise negotiations and documentation associated with its planned involvement in Pared Energy’s Texas gas project.

 

What the boss says: Scott Kaintz

"The loan facility would assist the company in “bringing to fruition several months of work in laying the foundations for participation in the Texas Gas Project with Pared Energy”.

 

Video

 

 

Inflexion points

Raised £200,000 through loan note issue with high net worth investors

Completion of the deal to farm into Texas with Pared Energy

At that point, Curzon says it will need to evaluate its funding requirements

 

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Watch

Curzon Energy excited about well tests at Coos Bay project

Curzon Energy (LON:CZN) is ready for extensive well tests at Coos Bay coal bed methane project. Executive Director Thomas Wagenhofer tells Proactive how they will now be able to produce wells at better test rates. A five well workover programme has now been completed and outcomes have so far...

on 12/1/18

2 min read