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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