Share Name Share Symbol Market Type Share ISIN Share Description
Curzon Energy Plc LSE:CZN London Ordinary Share GB00BD97ND60 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.30 50.0% 0.90 0.80 1.00 0.90 0.60 0.60 2,307,189 14:14:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -2.0 -3.0 - 1

Curzon Energy PLC 2019 Interim Results

27/09/2019 7:01am

UK Regulatory (RNS & others)


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RNS Number : 8785N

Curzon Energy PLC

27 September 2019

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

27 September 2019

Curzon Energy Plc

("Curzon" or the "Company")

Unaudited Half-Year Results for the Six Months Ended 30 June 2019

Curzon Energy plc (LON:CZN) the London Stock Exchange listed oil and gas development company, pursuing a targeted strategy of upstream North American natural gas appraisal and development assets, announces its unaudited interim results for the six months to 30 June 2019.

CHAIRMAN'S STATEMENT

I am pleased to present the interim report for the Company covering its results for the six months ended 30 June 2019.

Financial review

The Company incurred a loss of US$583,867 in the period. A majority of this loss comprised expenditures in relation to the evaluation and maintenance of the commercial potential of its Coos Bay CBM project. Additional expenditures were occurred conducting due diligence on the potential acquisition of an interest in the Texas Gas Project.

Net cash of US$79,234 as at 30 June 2019 (US$451,188 as at 31 December 2018). Basic loss per share of US$0.006 (period ended 30 June 2018: US$0.007).

Given the nature of the business and its development strategy, it is unlikely that the Board will recommend a dividend in the foreseeable future.

Outlook

The Company's near-term goal remains focused on completing due diligence and finalizing a transaction with Pared Energy to participate in the Texas Gas Project. These interim accounts also demonstrate the progress made in the Company's cost-reduction efforts over the past year.

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 look forward to updating shareholders on our progress in due course.

John McGoldrick

Chairman and Non-Executive Director

CHIEF EXECUTIVE OFFICER'S REVIEW

The Company's focus remains on maximizing value in its existing Coos Bay coal bed methane project, while progressing a potential transaction with Pared Energy for the acquisition of an interest in the Texas Gas Project and participating in a drilling campaign in Texas.

Additionally, the Company continues to assess additional oil and gas opportunities on an ongoing basis. While progress to date has largely occurred behind the scenes, we look forward to delivering on such initiatives in the near term.

Scott Kaintz

Chief Executive Officer

STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE CONDENSED INTERIM REPORT AND CONDENSED FINANCIAL STATEMENTS

The Directors confirm that the condensed interim financial information has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and that the Interim Report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely: an indication of important events that have occurred during the first six months and their impact on the condensed interim financial information, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and material related-party transactions in the first six months and any material changes in the related-party transactions described in the last Annual Report.

By order of the Board

John McGoldrick

Chairman and Non-Executive Director

Consolidated statement of comprehensive income

for the six months ended 30 June 2019

 
                                                  Six months     Six months 
                                                       ended          ended       Year ended 
                                                     30 June        30 June      31 December 
                                                        2019           2018             2018 
                                                   Unaudited      Unaudited          Audited 
                                         Notes           US$            US$              US$ 
--------------------------------------  ------  ------------  -------------  --------------- 
 
 Administrative expenses                   6       (571,292)      (511,951)      (1,363,949) 
--------------------------------------  ------  ------------  -------------  --------------- 
 
 Loss from operations                              (571,292)      (511,951)      (1,363,949) 
 Finance expense, net                      7        (14,645)       (31,893)         (42,321) 
 Impairment of exploration 
  and evaluation assets                                    -              -        (575,316) 
 Foreign exchange differences                          2,070         12,854          -27,878 
--------------------------------------  ------  ------------  -------------  --------------- 
 
 Loss before taxation                              (583,867)      (530,990)      (1,953,708) 
 Income tax expense                                        -              -                - 
--------------------------------------  ------  ------------  -------------  --------------- 
 
 Loss for the period attributable 
  to equity holders of the 
  parent company                                   (583,867)      (530,990)      (1,953,708) 
--------------------------------------  ------  ------------  -------------  --------------- 
 
 Other comprehensive income/(expense) 
 Gain/(loss) on translation 
  of parent net assets and 
  results from functional 
  currency into presentation 
  currency                                             6,474        (4,716)         (70,245) 
--------------------------------------  ------  ------------  -------------  --------------- 
 
 Total comprehensive loss 
  for the period                                   (577,393)      (535,706)      (2,023,953) 
--------------------------------------  ------  ------------  -------------  --------------- 
 
 (Loss) per share 
 Basic and diluted, US$                    4         (0.007)             (0.007)     (0.026) 
--------------------------------------  ------  ------------  ------------------  ---------- 
 
 

Consolidated statements of financial position

 
                                            At 30 June     At 30 June   At 31 December 
                                                  2019           2018             2018 
                                             Unaudited      Unaudited          Audited 
                                  Notes            US$            US$              US$ 
-------------------------------  ------  -------------  -------------  --------------- 
 
   Assets 
 Non-current assets 
 Intangible assets                           2,559,000      3,302,444        2,559,000 
 Restricted cash                               125,000        125,000          125,000 
 Total non-current assets                    2,684,000      3,427,444        2,684,000 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Current assets 
 Prepayments and other 
  receivables                                   65,336        175,638           36,157 
 Cash and cash equivalents                      79,234        451,188          125,621 
-------------------------------  ------  -------------  -------------  --------------- 
 Total current assets                          144,570        626,826          161,778 
-------------------------------  ------  -------------  -------------  --------------- 
 Total assets                                2,828,570      4,054,270        2,845,778 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Liabilities 
 Current liabilities 
 Trade and other payables                      701,442        514,496          506,894 
 Borrowings                         7          453,964        586,998          213,812 
-------------------------------  ------  -------------  -------------  --------------- 
 Total current liabilities                   1,155,406      1,101,494          720,706 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Total liabilities                           1,155,406      1,101,494          720,706 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Capital and reserves 
  attributable to shareholders 
 Share capital                      5        1,103,457        964,575        1,024,036 
 Share premium                               3,586,948      3,199,004        3,563,122 
 Share-based payments 
  reserve                                      454,026        217,062          454,026 
 Warrants reserve                              213,249        191,011          191,011 
 Merger reserve                             31,212,041     31,212,041       31,212,041 
 Foreign currency translation 
  reserve                                     (57,300)          1,755         (63,774) 
 Accumulated losses                       (34,839,257)   (32,832,672)     (34,255,390) 
-------------------------------  ------  -------------  -------------  --------------- 
 Total capital and reserves                  1,673,164      2,952,776        2,125,072 
-------------------------------  ------  -------------  -------------  --------------- 
 Total equity and liabilities                2,828,570      4,054,270        2,845,778 
-------------------------------  ------  -------------  -------------  --------------- 
 

Consolidated statements of changes in equity

 
                      Share       Share   Consolidation   Share-based   Warrant       Foreign    Accumulated         Total 
                    capital     premium         reserve       payment   reserve      currency         losses 
                                                              reserve             translation 
                                                                                      reserve 
                        US$         US$             US$           US$       US$           US$            US$           US$ 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 At 1 January 
  2018 
  (audited)         964,575   3,199,004      31,212,041       114,659   191,011         6,471   (32,301,682)     3,386,079 
 Loss for the 
  period                  -           -               -             -         -             -      (530,990)     (530,990) 
 Other 
  comprehensive 
  income for 
  the 
  period                  -           -               -             -         -       (4,716)              -       (4,716) 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Total 
  comprehensive 
  loss for the 
  period                  -           -               -             -         -       (4,716)      (530,990)     (535,706) 
 Issue of share 
  options                 -           -               -       102,403         -             -              -       102,403 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 At 30 June 
  2018 
  (unaudited)       964,575   3,199,004      31,212,041       217,062   191,011         1,755   (32,832,672)     2,952,776 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 
 
 At 1 January 
  2018 
  (audited)         964,575   3,199,004      31,212,041       114,659   191,011         6,471   (32,301,682)     3,386,079 
 Loss for the 
  year 
  2018                    -           -               -             -         -             -    (1,953,708)   (1,953,708) 
 Other 
  comprehensive 
  income for 
  the 
  year                    -           -               -             -         -      (70,245)              -      (70,245) 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Total 
  comprehensive 
  loss for the 
  year                    -           -               -             -         -      (70,245)    (1,953,708)   (2,023,953) 
 Issue of 
  shares             59,461     416,223               -             -         -             -                      475,684 
 Share issue 
  costs                   -    (52,105)               -             -                       -                     (52,105) 
 Issue of share 
  options                 -           -               -       339,367         -             -              -       339,367 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 
 At 1 January 
  2019 
  (audited)       1,024,036   3,563,122      31,212,041       454,026   191,011      (63,774)   (34,255,390)     2,125,072 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Loss for the 
  period                  -           -               -             -         -             -      (583,867)     (583,867) 
 Other 
  comprehensive 
  income for 
  the 
  year                    -           -               -             -         -         6,474              -         6,474 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Total 
  comprehensive 
  loss for the 
  year                    -           -               -             -         -         6,474      (583,867)     (577,393) 
 Issue of 
  shares             79,421      46,064               -             -         -             -              -       125,485 
 Issue of share 
  warrants                -    (22,238)               -             -    22,238             -              -             - 
 At 30 June 
  2019 
  (unaudited)     1,103,457   3,586,948      31,212,041       454,026   213,249      (53,300)     34,839,257     1,673,164 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 

Consolidated statement of cash flows

 
                                                 Six months    Six months 
                                                      ended         ended     Year ended 
                                                    30 June       30 June    31 December 
                                                       2019          2018           2018 
                                                  Unaudited     Unaudited        Audited 
                                         Notes          US$           US$            US$ 
-------------------------------------  -------  -----------  ------------  ------------- 
 Cash flow from operating 
  activities 
 Loss before taxation                             (583,867)     (530,990)    (1,953,708) 
 Adjustments for: 
 Finance cost, net                                   14,645        31,893         42,321 
 Share-based payments charge                              -       102,403        339,367 
 Foreign exchange movements                         (2,070)      (12,854)       (27,878) 
 Operating cashflows before 
  working capital changes                         (571,292)     (409,548)    (1,024,582) 
 Changes in working capital: 
 (Increase)/decrease in receivable                 (29,180)      (27,022)        112,461 
 Increase/(decrease) in payables                    203,185        35,814       (22,541) 
----------------------------------------------  -----------  ------------  ------------- 
 Net cash used in operating 
  activities                                      (397,287)     (400,756)      (934,662) 
----------------------------------------------  -----------  ------------  ------------- 
 
 Investing activities 
 Capitalised exploration costs                            -     (743,444)      (575,316) 
 Net cash flow from investing 
  activities                                              -     (743,444)      (575,316) 
----------------------------------------------  -----------  ------------  ------------- 
 
 Financing activities 
 Issue of ordinary shares                           125,485             -              - 
 Costs of share issue                                     -             -       (52,105) 
 Proceeds from new borrowings                       227,048             -        100,000 
 Net cash flow from financing 
  activities                                        352,533             -         47,895 
----------------------------------------------  -----------  ------------  ------------- 
 Net Increase in cash and 
  cash equivalents in the period                   (44,754)   (1,144,200)    (1,462,083) 
 
 Cash and cash equivalents 
  at the beginning of the period                    125,621     1,595,035      1,595,035 
 Restricted cash held on deposits                   125,000       125,440        125,440 
----------------------------------------------  -----------  ------------  ------------- 
 Total cash and cash equivalents 
  at the beginning of the period, 
  including restricted cash                         250,621     1,720,475      1,720,475 
----------------------------------------------  -----------  ------------  ------------- 
 
 Effect of the translation 
  of cash balances into presentation 
  currency                                          (1,633)           353        (7,331) 
 (Decrease)/increase in restricted 
  cash                                                    -         (440)          (440) 
 Cash and cash equivalents 
  at the end of the period                           79,234       451,188        125,621 
 Restricted cash held on deposits                   125,000       125,000        125,000 
----------------------------------------------  -----------  ------------  ------------- 
 Total cash and cash equivalents 
  at the end of the period, 
  including restricted cash                         204,234       576,188        250,621 
----------------------------------------------  -----------  ------------  ------------- 
 

NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION

1. General information and basis of preparation

The Company was incorporated and registered in England and a public limited company. The Company's registered number is 09976843 and its registered office is at Kemp House, 152 City Road, London EC1V 2NX. On 4 October 2017, the Company's shares were admitted to the Official List (by way of Standard Listing) and to trading on the London Stock Exchange's Main Market.

With effect from admission, the Company has been subject to the Listing Rules and the Disclosure Guidance and Transparency Rules (and the resulting jurisdiction of the UK Listing Authority) to the extent such rules apply to companies with a Standard Listing pursuant to Chapter 14 of the Listing Rules.

The principal activity of the Company is that of a holding company for its subsidiaries, as well as performing all administrative, corporate finance, strategic and governance functions of the Group. The Company's investments comprise of subsidiaries operating in the natural gas sector.

The Company has the following subsidiary undertakings:

 
 Name               Country             Issued capital   Proportion       Activity 
                     of incorporation                     held by Group 
                                                          at reporting 
                                                          date 
-----------------  ------------------  ---------------  ---------------  ------------------------ 
 Coos Bay Energy,                       Membership 
  LLC*              USA                  interests       100%             Holding company 
 Westport Energy 
  Acquisitions, 
  Inc.*             USA                 Shares           100%             Holding company 
 Westport Energy,                       Membership 
  LLC*              USA                  interests       100%             Oil and gas exploration 
 Curzon Energy, 
  Inc.**            USA                 Shares           100%             Holding company 
 Rigel Energy,                          Membership 
  LLC**             USA                  interests       100%             Holding company 
-----------------  ------------------  ---------------  ---------------  ------------------------ 
 

*All the above subsidiaries have same registered office with address 1001 SW 5th Avenue, Suite 1100, Portland, OR 97204, USA.

**These subsidiaries have a registered office with address Corporation Trust Center,1209 Orange Street, City of Wilmington, New Castle County, Delaware 19801.

More information on the individual group companies and timing of their acquisition is presented in the Company's audited consolidated financial information and notes thereto for the year ended 31 December 2018.

2. Accounting policies

The Group Financial statements are presented in US Dollars.

Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations as endorsed by the EU ("IFRS") and the requirements of the Companies Act applicable to companies reporting under IFRS.

The preparation of the Group financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the Directors to exercise their judgment in the process of applying the Group's accounting policies. The Group's accounting policies as well as the areas involving a higher degree of judgment and complexity, or areas where assumptions and estimates are significant to the Group financial statements are disclosed in the audited annual report for the year ended 31 December 2018 and are available on the Group's website.

In the opinion of the management, the interim unaudited consolidated financial information includes all adjustments considered necessary for fair and consistent presentation of this financial information. The interim unaudited consolidated financial information should be read in conjunction with the Company's audited financial statements and notes for the year ended 31 December 2018.

IFRS 16 Leases was applied in this financial information for the first time. There is no material effect on the Group's account on IFRS 16 adoption. All the Group's leases are short-term leases, which are month-to-month obligations (i.e., US virtual office and US storage operating leases).

All operating land lease agreements for the oil and gas exploration areas are outside of the scope of IFRS 16. Coos County annual land lease payment is US$28,971 and is payable bi-annual instalments with payment due in April and October.

Going concern

The Group financial statements have been prepared on a going concern basis as the Directors have assessed the Group's ability to continue in operational existence for the foreseeable future. The operations are currently being financed by third party loans.

The Group is reliant on the continuing support from its shareholders and the expected support of future shareholders.

The Group financial statements do not include the adjustments that would result if the Group were not to continue as a going concern.

Basis of consolidation

The consolidated financial statements of the Group incorporate the financial statements of the Company and entities controlled by the Company, its subsidiaries. More information on the individual group companies, details and timing of their acquisition is presented in the Company's audited consolidated financial information and notes thereto for the year ended 31 December 2018.

At the time of its acquisition by the Company, Coos Bay Energy, LLC consisted of Coos Bay Energy, LLC and its wholly owned US Group. It is the Directors' opinion that the Company at the date of acquisition of Coos Bay Energy, LLC did not meet the definition of a business as defined by IFRS 3 and therefore the acquisition is outside on the IFRS 3 scope. Where a party to an acquisition fails to satisfy the definition of a business, as defined by IFRS 3, management have decided to adopt a "merger accounting" method of consolidation as the most relevant method to be used.

The Group consistently applies it to all similar transactions in the following way:

- the acquired assets and liabilities are recorded at their existing carrying values rather than at fair value;

- no goodwill is recorded;

- all intra-group transactions, balances and unrealised gains and losses on transactions are eliminated from the beginning of the first comparative period or inception, whichever is earlier;

- comparative periods are restated from the beginning of the earliest comparative period presented based on the assumption that the companies have always been together;

- all the pre-acquisition accumulated losses of the legal acquire are assumed by the Group as if the companies have always been together;

- all the share capital and membership capital contributions of all the companies included into the legal acquiree sub-group less the Company's cost of investment into these companies are included into the merger reserve; and

- the Company's called up share capital is restated at the preceding reporting date to reflect the value of the new shares that would have been issued to acquire the merged company had the merger taken place at the first day of the comparative period. Where new shares have been issued during the current period that increased net assets (other than as consideration for the merger), these are recorded from their actual date of issue and are not included in the comparative statement of financial position.

The results and cash flows of all the combining entities were brought into the financial statements of the combined entity from the beginning of the financial year in which the combination occurred, adjusted so as to achieve uniformity of accounting policies. The comparative information was restated by including the total comprehensive income for all the combining entities for the previous reporting period and their statement of financial position for the previous reporting date, adjusted as necessary to achieve uniformity of accounting policies.

At 30 June 2019, the Group results include the results of all the subsidiaries included in Note 1. At 30 June 2018 and 31 December 2018, the group results include the results of Curzon Energy Plc, Coos Bay Energy, LLC, Westport Energy Acquisitions, Inc. and Westport Energy, LLC.

2. Segmental analysis

In the opinion of the directors, the Group is primarily organised into a single operating segment. This is consistent with the Group's internal reporting to the chief operating decision maker. Separate segmental disclosures have therefore not been included.

3. Pro forma basic and diluted loss per share

The basic loss per share is derived by dividing the loss for the year attributable to ordinary shareholders of the Company by the weighted average number of shares in issue.

Diluted loss per share is derived by dividing the loss for the year attributable to ordinary shareholders of the Company by the weighted average number of shares in issue plus the weighted average number of ordinary shares that would be issued on conversion of all dilutive potential ordinary shares into ordinary shares.

The following reflects the loss and share data used in the basic and diluted loss per share computations:

 
                                               For six      For six 
                                                months       months       For year 
                                                 ended        ended          ended 
                                               30 June       30June    31 December 
                                                  2019         2018           2018 
                                             Unaudited    Unaudited        Audited 
-----------------------------------------  -----------  -----------  ------------- 
 
 Loss after tax (US$)                        (583,867)    (530,990)    (1,953,708) 
 Weighted average number of ordinary 
  shares of GBP0.01 in issue                80,995,897   72,594,700     74,449,821 
 Effect of dilutive options and warrants             -            -              - 
 Weighted average number of ordinary 
  shares of GBP0.01 in issue inclusive 
  of outstanding dilutive options 
  and warrants                              80,995,897   72,594,700     74,449,821 
 Loss per share - basic and fully 
  diluted (US$)                                  0.007        0.007          0.026 
-----------------------------------------  -----------  -----------  ------------- 
 

At 30 June 2019, 31 December 2018 and 30 June 2018, the effect of all potentially dilutive instruments was anti-dilutive as it would lead to a further reduction of loss per share, therefore they were not included into the diluted loss per share calculation.

   4.    Share capital 

Authorised share capital

The Company's authorised share capital at 30 June 2019 was 500,000,000 shares of GBP0.01 per share up to an aggregate nominal amount of GBP5,000,000, which was authorised by the Directors on 26 June 2019.

Issued equity share capital

 
                              At 30 June 2019           At 31 December        At 30 June 2018 
                                    Unaudited                     2018              Unaudited 
                                                               Audited 
                      -----------------------  -----------------------  --------------------- 
                           Number         US$       Number         US$       Number       US$ 
--------------------  -----------  ----------  -----------  ----------  -----------  -------- 
 Issued and fully 
  paid 
 Ordinary shares of 
  GBP0.01 each         83,032,972   1,103,457   77,020,316   1,024,036   72,594,700   964,575 
--------------------  -----------  ----------  -----------  ----------  -----------  -------- 
 

The Company has one class of Ordinary shares which carry no right to fixed income.

5. Administrative expenses

 
                                     For six 
                                      months                        For year 
                                       ended   For six months          ended 
                                     30 June            ended    31 December 
                                        2019      30June 2018           2018 
                                   Unaudited        Unaudited        Audited 
                                         US$              US$            US$ 
------------------------------   -----------  ---------------  ------------- 
 
 Staff costs 
 Directors' salaries                  81,064          186,582        726,767 
 Consultants                          33,111           27,703         64,965 
 Employers NI                          5,949                -          1,968 
 Professional services 
 Accounting, audit & taxation         53,178           53,020         98,356 
 Legal                                     -           17,647         68,655 
 Marketing                            17,771            3,822         57,422 
 Other                                 8,961                -         31,202 
 Regulatory compliance                45,286          108,465        130,830 
 Standard Listing Regulatory         269,532                -              - 
  Costs 
 Travel                                6,069           21,353         41,614 
 Office and Admin 
 General                               5,324           43,162         64,165 
 IT related costs                      2,039            3,949          2,379 
 Rent                                 27,456           25,910         41,552 
 Insurance                            15,552           20,337         34,074 
                                     571,292          511,950      1,363,949 
 ------------------------------  -----------  ---------------  ------------- 
 
   6.    Borrowings 

The following loans from third parties were outstanding during the six months ended 30 June 2019. Details of the notes are disclosed in the table below:

 
                   Origination    Contractual           Note                 Annual    Security    Settlement 
                          date     settlement          value       Note    interest                   details 
                                         date    in original     value,        rate 
                                                    currency        US$ 
---------------  -------------  -------------  -------------  ---------  ----------  ----------  ------------ 
 
                         3 Oct         30 Oct 
 YA Global                2018           2020       $100,000   $100,000         10%   Unsecured   Outstanding 
                        25 Apr         30 Apr 
 YA Global                2019           2020       $100,000   $100,000         10%   Unsecured   Outstanding 
                         1 Sep          1 Oct 
 Bruce Edwards            2017           2019       $100,000   $100,000         15%   Unsecured   Outstanding 
 Bespoke                                                                                100% of 
  Capital               26 Jun          1 Oct                                          Coos Bay 
  Solutions               2019           2019     GBP100,000   $127,048         13%      assets   Outstanding 
---------------  -------------  -------------  -------------  ---------  ----------  ----------  ------------ 
 

No interim payments are required under the promissory notes, as the payment terms require the original principal amount of each note, and all accrued interest thereon, to be paid in single lump payments on the respective contractual settlement dates.

 
                                   30 June 2019   30 June 2018   31 December 
                                      Unaudited      Unaudited          2018 
                                            US$            US$       Audited 
                                                                         US$ 
--------------------------------  -------------  -------------  ------------ 
 
 At the beginning of the period         213,812        578,599       578,599 
 Received during the year               227,048              -       100,000 
 Interest accrued during the 
  period                                 14,645         31,893        42,321 
 Exchange rate differences              (1,541)       (23,494)      (31,424) 
 Discharged during the year 
  by issue of shares in Curzon                -              -     (475,684) 
--------------------------------  -------------  -------------  ------------ 
 At the end of the period               453,694        586,998       213,812 
--------------------------------  -------------  -------------  ------------ 
 

7. Post balance sheet events

On 4 July 2019, the Company announced that had agreed to issue GBP200,000 of secured loan notes to high net worth investors. The notes yield 13% per annum, are due for repayment on 1 October 2019, carry a 5% redemption fee, and are secured on the Company's interest in Coos Bay Energy. Further, the Company agreed to issue these investors warrants over 1,000,000 shares in the capital of the Company, exercisable at a price of GBP0.02 for a period of 18 months. The proceeds of these loan notes were to be used for working capital and costs associated with the diligence and negotiations of a transaction with Pared Energy, LLC and the Texas Gas Project, as announced on 29 March 2019, 20 December 2018, and 21 November 2018.

For further information please contact:

 
 Curzon Energy Plc                 +44 (0) 20 7747 9980 
 Scott Kaintz 
 www.curzonenergy.com 
 
 SP Angel Corporate Finance LLP    +44 (0) 20 3470 0470 
 Richard Hail 
 Stephen Wong 
 
 Optiva Securities Limited         +44 (0) 20 3137 1902 
 Christian Dennis 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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