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 2024.
CHAIRMAN'S STATEMENT
I am pleased to present the interim report for the Company covering its results for the six months ended 30 June 2024.
Financial review
The Company incurred a loss of US$510,956 in the period, the majority of which comprised expenditures associated with maintaining the listing in London and costs in support of the Company Voluntary Arrangement (CVA) which was completed following the reporting date.
Net cash of US$717 as at 30 June 2024 (US$738 as at 31 December 2023). Basic loss per share of US$ 0.005 (period ended 30 June 2023: US$ 0.004).
Given the nature of the business and its development strategy, it is unlikely that the Board will recommend a dividend in the immediate future.
Post Reporting Date Developments & Outlook
As announced on 19 August 2024 and again on 5 September 2024, after the period, the Company proposed and ultimately entered into a Company Voluntary Arrangement ("CVA") following a vote by shareholders and creditors. The purpose of the CVA was to restructure the business to eliminate existing liabilities of approximately £3.3m, which had largely been associated with potential reverse takeover transactions the Company had historically considered. The CVA allowed for a full restructuring of these obligations and following its approval on 5 September 2024, leaves the Company effectively completely debt free and provides a solid foundation upon which to move the business forward.
Also after the period, on 19 September 2024, John McGoldrick resigned as Non-Executive Chairman and Scott Kaintz resigned as an Executive Director. Simultaneously, Paul Forrest joined the board as an Executive Director, Richard Glass joined the board as the Non-Executive Chairman and Scott Kaintz was appointed as a Non-Executive Director.
The Board extends its gratitude to Mr. McGoldrick for his perseverance in navigating Curzon Energy through a challenging phase and setting a strong foundation for future growth. The recent board changes represent early steps in shaping the Company's next chapter, and we look forward to sharing more updates on our strategic direction and growth plans in due course.
Per the General Meeting on 05 September 2024, the intention is to rename the Company to Corpus Resources Plc. The Company will continue to focus on the natural resources space, specifically, the oil and gas sector, although, mining projects will also be considered. Furthermore, the aim is for the Company to widen its focus from the USA to other geographies including, but not limited to, Malaysia, Namibia and Eastern Europe.
Several exciting projects and assets have been identified, including one opportunity with an existing gas production asset and another with proven oil production and a valid Competent Persons Report.
The Company has also identified an advisory team with technical capabilities, willing to work predominantly for equity. Therefore, it is envisaged that the Company will continue to add to its existing board, and will build a management team and an advisory team which hold a breadth of geological, engineering, production, planning, logistical and financial experience and skills.
On behalf of the Board, I would like to take this opportunity to thank our consultants and advisers for their professional and hard work, as well as our shareholders for their continued support.
We look forward to updating shareholders on our progress in due course.
Richard Glass
Chairman and Non-Executive Director
