How it's doing
Curzon only has one asset currently, Coos Bay, a 45,000-acre coal bed methane gas project made up of leases in Oregon on the US Pacific Northwest coast.
A previous independent estimate suggested around 1trn cubic feet of gas is contained within the entire Coos Bay acreage, with some 273mln cu ft (mmcf) in the probable (2c) resources category.
Curzon floated on AIM in October 2017 with the idea to workover existing wells to start to generate cashflow, but has had a re-think.
Kaintz says the plan is re-evaluate how best to access the gas ‘we know is there’.
Elsewhere, Curzon is working on a deal with Pared Energy on a project in South Texas, a site that has multi-TCF gas potential
Pared is a privately-owned specialist in Texas assets and Curzon will seek jointly to finance and develop the project.
In September, it said remained focused on finalising the transaction with Pared Energy while re-jigging Coos Bay.
“While progress to date has largely occurred behind the scenes, we look forward to delivering on such initiatives in the near term,” said chief executive officer, Scott Kaintz.
The company made a loss before tax of US$583,867 in the first half of 2019, little changed from a loss of US$530,990 in the same period of 2018.
In July, Curzon agreed to issue secured loan notes of up to £200,000 to high net worth investors.
This facility was renewed in October, with the notes are to be repaid either upon a transaction involving the Coos Bay subsidiary, a group fundraising of at least £500,000 or a deadline of 31 December 2019.
What the boss says: Scott Kaintz
"The loan facility would assist the company in “bringing to fruition several months of work in laying the foundations for participation in the Texas Gas Project with Pared Energy”.
- Raised £200,000 through loan note issue with high net worth investors
- Completion of the deal to farm into Texas with Pared Energy
- At that point, Curzon says it will need to evaluate its funding requirements