AIM-listed company focused on US natural gas assets
Scott Kaintz took over as Curzon Energy Plc’s (LON:CZN) chief executive in November
Fund raise of £95,000 and matching loan will enable it to conclude farm-in to a second US asset (in Texas)
Board and shareholders invested at 22% premium
A re- evaluation of unconventional gas asset Coos Bay in Oregon likely to follow
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 a re-think now seems likely.
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.
What the boss says: Scott Kaintz
“Texas will give Curzon a second asset in the US alongside Coos Bay.
“UK investors will get a way to play the growth of the US natural gas market as the world de-carbonises and also the potential for US LNG exports.”
Completion of deal to farm into Texas with Pared Energy
At that point, Curzon says it will need to evaluate its funding requirements