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Share Name Share Symbol Market Type Share ISIN Share Description
Curzon Energy Plc LSE:CZN London Ordinary Share GB00BD97ND60 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.10 15.38% 0.75 0.70 0.80 0.75 0.65 0.65 1,211,540 16:28:13
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -3.6 -4.0 - 1

Curzon Energy PLC 2020 Interim Results

28/08/2020 7:00am

UK Regulatory (RNS & others)


Curzon Energy (LSE:CZN)
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TIDMCZN

RNS Number : 3758X

Curzon Energy PLC

28 August 2020

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.

28 August 2020

Curzon Energy Plc

("Curzon" or the "Company")

Unaudited Half-Year Results for the Six Months Ended 30 June 2020

Curzon Energy plc (LON:CZN) the London Stock Exchange listed oil and gas development company, announces its unaudited interim results for the six months to 30 June 2020.

CHAIRMAN'S STATEMENT

I am pleased to present the interim report for the Company covering its results for the six months ended 30 June 2020.

Financial review

The Company incurred a loss of US$ 367,000 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 corporate listing overheads in London. Additional expenditures were incurred conducting due diligence on a potential transaction with Sun Seven Stars Investment Group ("SSSIG").

Net cash of US$146,549 as at 30 June 2020 (US$79,234 as at 31 December 2019). Basic loss per share of US$ 0.004 (period ended 30 June 2019: 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 exploring ongoing opportunities associated with the Company's Coos Bay coal bed methane project, as well as completing due diligence covering a potential transaction with SSSIG. While the Company believes the Coos Bay asset holds residual potential value, progressing it materially during the period has proven to be difficult in light of recent US natural gas markets and logistical restrictions associated with the COVID-19 pandemic.

Due diligence efforts on the potential transaction with SSSIG have taken longer than expected to date, in part due to COVID-19 related delays and disruptions, however, all parties continue to work together constructively to provide the detail and data required to fully assess the opportunity presented.

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 remains focused on exploring development opportunities regarding its Coos Bay coal bed methane project, including active renewal discussions covering license extensions with the two major lease owners. With the oil and gas sector enduring very challenging conditions at present, the Company is exploring all options available to maintain and realize value from this historic flagship asset.

In London, the Company has cut costs significantly year on year, recognizing the need to maintain a low operating cost base in current market conditions. Meanwhile, discussions and data sharing continue with SSSIG, and as demonstrated by the recent extension announced on 12 August 2020, and all sides remain engaged and working towards progressing the initial key diligence stage. While there can be no certainty that a transaction will proceed, the Company remains convinced of the potential merit of these discussions and diligence efforts.

In the meantime, the Company day to day activities have transitioned effectively to a post-COVID remote working environment, which has allowed it to cut its already low cost base further and to continue to operate successfully both during and after the UK's pandemic lockdown.

With several initiatives currently in progress, we look forward to being able to provide further guidance in due course, and we appreciate the patience of all stakeholders during this period.

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 2020

 
                                                 Six months     Six months 
                                                      ended          ended     Year ended 
                                                    30 June        30 June    31 December 
                                                       2020           2019           2020 
                                                  Unaudited      Unaudited        Audited 
                                         Notes          US$            US$            US$ 
--------------------------------------  ------  -----------  -------------  ------------- 
 
 Administrative expenses                   5      (287,043)      (571,292)      (913,572) 
--------------------------------------  ------  -----------  -------------  ------------- 
 
 Loss from operations                             (287,043)      (571,292)      (913,572) 
 Finance expense                           6       (76,470)       (14,645)      (112,093) 
 Impairment of exploration 
  and evaluation assets                                   -              -    (2,559,000) 
 Foreign exchange differences                       (3,487)          2,070          3,915 
--------------------------------------  ------  -----------  -------------  ------------- 
 
 Loss before taxation                             (367,000)      (583,867)    (3,580,750) 
 Income tax expense                                       -              -              - 
--------------------------------------  ------  -----------  -------------  ------------- 
 
 Loss for the period attributable 
  to equity holders of the 
  parent company                                  (367,000)      (583,867)    (3,580,750) 
--------------------------------------  ------  -----------  -------------  ------------- 
 
 Other comprehensive income/(expense) 
 Gain/(loss) on translation 
  of parent net assets and 
  results from functional 
  currency into presentation 
  currency                                           78,311          6,474       (39,602) 
--------------------------------------  ------  -----------  -------------  ------------- 
 
 Total comprehensive loss 
  for the period                                  (288,689)      (577,393)    (3,620,352) 
--------------------------------------  ------  -----------  -------------  ------------- 
 
 (Loss) per share 
 Basic and diluted, US$                           (0.004) (       (0.007)(       (0.044)) 
--------------------------------------  ------  -----------  -------------  ------------- 
 
 

Consolidated statements of financial position

 
                                            At 30 June     At 30 June   At 31 December 
                                                  2020           2019             2019 
                                             Unaudited      Unaudited          Audited 
                                  Notes            US$            US$              US$ 
-------------------------------  ------  -------------  -------------  --------------- 
 
   Assets 
 Non-current assets 
 Intangible assets                                   -      2,559,000                - 
 Property, plant and equipment                       -              -              683 
 Restricted cash                               125,000        125,000          125,000 
 Total non-current assets                      125,000      2,684,000          125,683 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Current assets 
 Prepayments and other 
  receivables                                   33,812         65,336           31,203 
 Cash and cash equivalents                     146,549         79,234           28,709 
-------------------------------  ------  -------------  -------------  --------------- 
 Total current assets                          180,361        144,570           59,912 
-------------------------------  ------  -------------  -------------  --------------- 
 Total assets                                  305,361      2,828,570          185,595 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Liabilities 
 Current liabilities 
 Trade and other payables                      813,274        701,442          835,826 
 Borrowings                         6          933,382        453,964          698,798 
-------------------------------  ------  -------------  -------------  --------------- 
 Total current liabilities                   1,746,656      1,155,406        1,534,624 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Total liabilities                           1,746,656      1,155,406        1,534,624 
-------------------------------  ------  -------------  -------------  --------------- 
 
 Capital and reserves 
  attributable to shareholders 
 Share capital                      4        1,105,547      1,103,457        1,103,457 
 Share premium                               3,619,332      3,586,947        3,586,947 
 Share-based payments 
  reserve                                      474,792        454,026          474,792 
 Warrants reserve                              375,198        213,250          213,250 
 Merger reserve                             31,212,041     31,212,041       31,212,041 
 Foreign currency translation 
  reserve                                     (25,065)       (57,300)        (103,376) 
 Accumulated losses                       (38,203,140)   (34,839,257)     (37,836,140) 
-------------------------------  ------  -------------  -------------  --------------- 
 Total capital and reserves                (1,441,295)      1,673,164      (1,349,029) 
-------------------------------  ------  -------------  -------------  --------------- 
 Total equity and liabilities                  305,361      2,828,570          185,595 
-------------------------------  ------  -------------  -------------  --------------- 
 

Consolidated statements of changes in equity

 
                                                                                      Foreign 
                                                          Share-based                currency 
                      Share       Share   Consolidation       payment   Warrant   translation    Accumulated 
                    capital     premium         reserve       reserve   reserve       reserve         losses         Total 
                        US$         US$             US$           US$       US$           US$            US$           US$ 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 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 
  period                  -           -               -             -         -         6,474              -         6,474 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Total 
  comprehensive 
  loss for the 
  period                  -           -               -             -         -         6,474      (583,867)     (577,393) 
 Issue of share 
  options            79,421      46,064               -             -         -             -              -       125,485 
 Issue of 
  warrants                -    (22,239)               -             -    22,239             -              -             - 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 At 30 June 
  2019 
  (unaudited)     1,103,457   3,586,947      31,212,041       454,026   213,250      (53,300)     34,839,257     1,673,164 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 
 
 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 
  year 
  2019                    -           -               -             -         -             -    (3,580,750)   (3,580,750) 
 Other 
  comprehensive 
  income for 
  the 
  year                    -           -               -             -         -      (39,602)              -      (39,602) 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Total 
  comprehensive 
  loss for the 
  year                    -           -               -             -         -      (39,602)    (3,580,750)   (3,620,352) 
 Issue of 
  shares             79,421      46,064               -             -         -             -              -       125,485 
 Issue of share 
  options                                                      20,766                                               20,766 
 Issue of 
  warrants                -    (22,239)               -             -    22,239             -              -             - 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 
 At 1 January 
  2020 
  (audited)       1,103,457   3,586,947      31,212,041       474,792   213,250     (103,376)   (37,836,140)   (1,349,029) 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Loss for the 
  period                  -           -               -             -         -             -      (367,000)     (367,000) 
 Other 
  comprehensive 
  income for 
  the 
  year                    -           -               -             -         -        78,311              -        78,311 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 Total 
  comprehensive 
  loss for the 
  year                                                                                 78,311      (367,000)     (288,689) 
 Issue of 
  shares              2,090     206,871               -             -         -             -              -       208,961 
 Share issue 
  costs                   -    (12,538)               -             -         -             -              -      (12,538) 
 Issue of share 
  warrants                -   (161,948)               -             -   161,948             -              -             - 
 At 30 June 
  2020 
  (unaudited)     1,105,547   3,619,332      31,212,041       474,792   375,198      (25,065)   (38,203,140)   (1,441,295) 
---------------  ----------  ----------  --------------  ------------  --------  ------------  -------------  ------------ 
 

Consolidated statement of cash flows

 
                                                 Six months   Six months 
                                                      ended        ended     Year ended 
                                                    30 June      30 June    31 December 
                                                       2020         2019           2019 
                                                  Unaudited    Unaudited        Audited 
                                         Notes          US$          US$            US$ 
-------------------------------------  -------  -----------  -----------  ------------- 
 Cash flow from operating 
  activities 
 Loss before taxation                             (367,000)    (583,867)    (3,580,750) 
 Adjustments for: 
 Finance expense                                     76,470       14,645        112,093 
 Share-based payments charge                              -            -         20,766 
 Impairment of exploration 
  assets                                                  -            -      2,559,000 
 Foreign exchange movements                           3,487      (2,070)        (3,915) 
 Operating cashflows before 
  working capital changes                         (287,043)    (571,292)      (892,806) 
 Changes in working capital: 
 (Increase)/decrease in receivable                  (2,610)     (29,180)         27,084 
 Increase in payables                              (13,129)      203,185        309,917 
----------------------------------------------  -----------  -----------  ------------- 
 Net cash used in operating 
  activities                                      (302,782)    (397,287)      (555,805) 
----------------------------------------------  -----------  -----------  ------------- 
 
 Financing activities 
 Issue of ordinary shares                           196,423      125,485        104,021 
 Costs of share issue                                     -            -              - 
 Proceeds from new borrowings                       227,341      227,048        362,320 
 Net cash flow from financing 
  activities                                        423,764      352,533        466,341 
----------------------------------------------  -----------  -----------  ------------- 
 Net Increase in cash and 
  cash equivalents in the period                    120,982     (44,754)       (89,464) 
 
 Cash and cash equivalents 
  at the beginning of the period                     28,709      125,621        125,621 
 Restricted cash held on deposits                   125,000      125,000        125,000 
----------------------------------------------  -----------  -----------  ------------- 
 Total cash and cash equivalents 
  at the beginning of the period, 
  including restricted cash                         153,709      250,621        250,621 
----------------------------------------------  -----------  -----------  ------------- 
 
 Effect of the translation 
  of cash balances into presentation 
  currency                                          (3,142)      (1,633)        (7,448) 
 Cash and cash equivalents 
  at the end of the period                          146,549       79,234         28,709 
 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                         271,549      204,234        153,709 
----------------------------------------------  -----------  -----------  ------------- 
 

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:

 
                                                         Proportion 
                                                          held by Group 
                    Country                               at reporting 
 Name                of incorporation   Issued capital    date            Activity 
-----------------  ------------------  ---------------  ---------------  ------------------------ 
 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 
-----------------  ------------------  ---------------  ---------------  ------------------------ 
 

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 2019.

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 2019 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 2019.

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 and issuances of new equity. 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 2019.

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 2020, 30 June 2019 and 31 December 2019, 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.   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 
                                              months   For six months       For year 
                                               ended            ended          ended 
                                             30 June          30 June    31 December 
                                                2020             2019           2019 
                                           Unaudited        Unaudited        Audited 
---------------------------------------  -----------  ---------------  ------------- 
 
 Loss after tax (US$)                      (367,000)        (583,867)    (3,580,750) 
 Weighted average number of ordinary 
  shares of GBP0.0001 in issue            85,483,125       80,995,897     81,185,175 
 Effect of dilutive options and 
  warrants                                                          -              - 
 Weighted average number of ordinary 
  shares of GBP0.01 in issue inclusive 
  of outstanding dilutive options 
  and warrants                            85,483,125       80,995,897     81,185,175 
 Loss per share - basic and fully 
  diluted (US$)                              (0.004)          (0.007)        (0.044) 
---------------------------------------  -----------  ---------------  ------------- 
 

At 30 June 2020, 31 December 2019 and 30 June 2019, 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. Options and warrants, that could potentially dilute basic EPS in the future, but were not included in the calculation of diluted EPS for the periods presented:

 
                                               For six      For six 
                                                months       months       For year 
                                                 ended        ended          ended 
                                               30 June      30 June    31 December 
                                                  2020         2019           2019 
                                             Unaudited    Unaudited        Audited 
 Share options granted to employees 
  - fully vested at the end of the 
  respective period                            280,854      280,854        280,854 
 Warrants given to shareholders as 
  a part of placing equity instruments 
  - fully vested at the end of the 
  respective period                         23,243,125    5,636,531      5,636,531 
-----------------------------------------  -----------  -----------  ------------- 
 Total instruments fully vested             23,523,979    5,917,385      5,917,385 
-----------------------------------------  -----------  -----------  ------------- 
 Total number of instruments and 
  potentially issuable instruments 
  (vested and not vested) not included 
  into the fully diluted EPS calculation    23,523,979    5,917,385        5,917,385 
-----------------------------------------  -----------  -----------  --------------- 
 
   4.      Share capital 

Issued equity share capital

 
                                At 30 June 2020          At 30 June 2019           At 31 December 
                                      Unaudited                Unaudited                     2019 
                                                                                          Audited 
                        -----------------------  -----------------------  ----------------------- 
                             Number         US$       Number         US$       Number         US$ 
----------------------  -----------  ----------  -----------  ----------  -----------  ---------- 
 Issued and fully 
  paid 
 Existing Ordinary 
  Shares of GBP0.01 
  each                            -           -   83,032,972   1,103,457   83,032,972   1,103,457 
 After subdivision*: 
 New Ordinary shares 
  of GBP0.0001 each      99,639,565      13,124            -           -            -           - 
 Deferred Shares 
  of GBP0.0099 each      83,032,972   1,092,423            -           -            -           - 
 Total Share Capital, 
  US$                                 1,105,547                1,103,457                1,103,457 
----------------------  -----------  ----------  -----------  ----------  -----------  ---------- 
 

*On 6 May 2020, the Company's shareholders approved the subdivision and re-designation of the 83,032,971 Existing Ordinary Shares ("Existing Ordinary Shares") of GBP0.01 each in the capital of the Company into (i) 83,032,971 New Ordinary Shares ("New Ordinary Shares") of GBP0.0001 each and (ii) 83,032,971 Deferred Shares ("Deferred Shares") of GBP0.0099 each in the capital of the Company, and to amend the Company's Articles of Association accordingly.

Each New Ordinary Share carries the same rights in all respects under the amended Articles of Association as each Existing Ordinary Share did under the existing Articles of Association, including the rights in respect of voting and the entitlement to receive dividends. Each Deferred Share carries no rights and is deemed effectively valueless.

Warrants

Curzon Energy has raised GBP166,066 by way of a placing of 16,606,594 new ordinary shares of GBP0.0001 each ("Placing Shares") to institutional investors at a price of GBP0.01 per share, plus 17,606,594 twenty-four month warrants, exercisable into ordinary shares at a price of GBP0.015 per ordinary share for a period of twenty-four months . On 3 0 June 2020 , the following warrants were in issue:

 
 Warrant exercise     Number of warrants   Expiry date        Fair value of 
  price                          granted                  individual option 
 GBP0.10                         130,200    4 Oct 2020             GBP0.061 
 GBP0.125                      1,500,000    4 Oct 2020             GBP0.056 
 GBP0.0158                     3,006,331    5 Mar 2021            GBP0.0056 
 GBP0.02                       1,000,000   31 Dec 2020            GBP0.0001 
 GBP0.015                     17,606,594   3 June 2022           GBP0.00731 
-------------------  -------------------  ------------  ------------------- 
 Total warrants in 
  issue at 30 June 
  2020                        23,243,125 
-------------------  -------------------  ------------  ------------------- 
 
   5.      Administrative expenses 
 
                                            For six 
                                             months                        For year 
                                              ended   For six months          ended 
                                            30 June            ended    31 December 
                                               2020      30June 2019           2019 
                                          Unaudited        Unaudited        Audited 
                                                US$              US$            US$ 
----------------------------  --------  -----------  ---------------  ------------- 
 
 Staff costs 
 Directors' salaries                        115,382           81,064        212,164 
 Consultants                                 28,363           33,111         66,943 
 Employer's NI                                5,254            5,949          7,800 
 Professional services 
 Accounting, audit & taxation                38,181           53,178         87,927 
 Legal                                            -                -          5,684 
 Marketing                                    9,573           17,771         29,647 
 Other                                       18,411            8,961         20,757 
 Regulatory compliance                       15,681           45,286        101,471 
 Standard Listing Regulatory 
  Costs                                       2,098          269,532        260,281 
 Travel                                         485            6,069         14,306 
 Business development                             -                -         29,345 
 Office and Admin 
 General                                      5,215            5,324          6,329 
 IT related costs                             2,164            2,039          2,355 
 Mineral rights lease (outside 
  of IFRS 16 scope)                          24,190           14,486         32,049 
 Temporary storage and office 
  rent                                        9,440           12,970         17,545 
 Insurance                                   12,606           15,552         18,969 
 Total administrative costs                 287,043          571,292        913,572 
--------------------------------------  -----------  ---------------  ------------- 
 
 
   6.      Borrowings 

The following loans from third parties were outstanding during the six months ended 30 June 2020. Details of the notes are disclosed in the table below:

 
                     Origination    Contractual     Loan value      Annual       Security 
                            date     settlement    in original    interest 
                                           date       currency        rate 
                                                   (principal) 
-----------------  -------------  -------------  -------------  ----------  ------------- 
 
 C4 Energy Ltd        3 Oct 2018     1 Oct 2020       $100,000         10%      Unsecured 
 C4 Energy Ltd       25 Apr 2019     1 Oct 2020       $100,000         10%      Unsecured 
 Bruce Edwards        1 Sep 2017     1 Oct 2019       $100,000         15%      Unsecured 
 HNW Investor                                                                100% of Coos 
  Group              26 Jun 2019     1 Oct 2020     GBP200,000         13%     Bay assets 
 Sun Seven Stars 
  Investment 
  Group              13 Mar 2020    13 Mar 2021     GBP185,000         10%      Unsecured 
-----------------  -------------  -------------  -------------  ----------  ------------- 
 

No interim payments are required under any of 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. The Bruce Edwards note has been mutually agreed to be converted into equity upon issuance of the next prospectus-based fundraising.

 
                                   30 June 2020   30 June 2019   31 December 
                                      Unaudited      Unaudited          2019 
                                            US$            US$       Audited 
                                                                         US$ 
--------------------------------  -------------  -------------  ------------ 
 
 At the beginning of the period         698,798        213,812       213,812 
 Received during the year               227,341        227,048       362,320 
 Interest accrued during the 
  period                                 49,960         14,645       110,700 
 Exchange rate differences             (42,717)        (1,541)        11,966 
 At the end of the period               933,382        453,694       698,798 
--------------------------------  -------------  -------------  ------------ 
 
   7.   Post balance sheet events 

On 1 July 2020 the Company announced that the exclusivity period entered into with Sun Seven Stars Investment Group had been agreed to be extended, and that formal terms covering the extension of the exclusivity period and the nature of the additional financial support to be provided by SSSIG had yet to be finalized. These terms and the details surrounding the financial support associated with the extension will be announced once formalized.

On 12 August 2020, the Company announced a further update regarding a potential transaction with Sun Seven Stars Investment Group. The period of exclusivity between SSSIG and the Company has been extended to 1 September 2020 by the payment of GBP75,000 to be added to the one-year loan note carrying an annual interest rate of 10% per annum and convertible at the price of any subsequent share issue in the contemplated transaction. SSSIG has the right to further extend this period through to 1 December 2020 by making additional payments.

 
 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 
 
 
 Optiva Securities Limited                  +44 (0) 20 3137 1902 
 
 

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END

IR PPUCWRUPUGAM

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August 28, 2020 02:00 ET (06:00 GMT)

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