27 November 2017
Curzon Energy Plc
("Curzon Energy" or the "Company")
Rig contract signed for Phase I work programme
Curzon Energy Plc, an energy company pursuing a targeted acquisition strategy of oil and gas appraisal and development assets, is pleased to announce that it has signed a rig contract with Paul Graham Drilling and Services Co. ("Paul Graham") for the upcoming workover of five existing wells at its Coos Bay CBM project.
Curzon Energy is Operator and has a 100% working interest in the Coos Bay CBM project, c. 45,000 acres of known Coalbed Methane (CBM) Gas accumulations in Coos Bay, Oregon, with 2C contingent resources of 273.5BCF. The Company is implementing a cost effective staged development plan, targeting first gas from Phase I in Q2 2018. The Phase I work programme consists of the low-cost workover of five existing, and drilling of two new wells and connecting them to the 12" Coos Bay Gas Pipeline, which is located just 15 m from Curzon's wholly owned existing intra field pipeline.
Paul Graham has commenced mobilization from their headquarters in California and expects their crews and equipment to arrive in Coos Bay this week. They will commence work shortly after their arrival and the Company expects the clean-out work at the five wells to be completed within approximately twenty-five days after commencement of the work.
As part of the Phase I programme, the Company continues to progress the sales contract with NW Natural in addition to working with engineers on the testing and design of the water disposal system. Alongside these changes the company has improved the infrastructure for rig access and is finishing work on the road to the compressor location.
Stephen Schoepfer, Managing Director of Curzon Energy said:
"Following Curzon Energy's successful admission to the London Stock Exchange in October 2017, we have been busy deploying the funds raised to ensure we have the right infrastructure in place for this highly attractive, low risk development. We are delighted to announce the signing of a rig contract for our low-cost Phase I drilling programme.
"Drilling is expected to commence in the near future and we remain on track to deliver first gas and revenues in Q2 2018. We look forward to updating shareholders on our progress."
Competent Person's Statement
The information contained in this announcement has been reviewed and approved by Thomas Wagenhofer, Technical Director of Curzon, who is a petroleum engineer and oil and gas executive with over 20 years' international industry experience. Mr. Wagenhofer holds a MS degree in Petroleum Engineering from the University of Texas at Austin (1995) and a BS degree in Petroleum Engineering from the University of Alaska Fairbanks (1994). He is a registered Professional Engineer with the Texas Board of Professional Engineers (current status inactive) in the State of Texas, USA.
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.
For further information please contact:
Curzon Energy PLC |
c/o Camarco |
Stephen Schoepfer / Thomas Wagenhofer |
+44 20 3757 4980 |
www.curzonenergy.com |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
Richard Hail |
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Camarco (Financial PR) |
+44 20 3757 4980 |
Georgia Edmonds / Kimberley Taylor / Monique Perks |
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Notes to Editors:
Curzon Energy was founded in 2016, with the objective of acquiring oil and gas development and production assets initially in the USA. Its first acquisition is 100% of Coos Bay, c. 45,000 acres of known Coalbed Methane (CBM) Gas accumulations in Coos Bay, Oregon with 2C contingent resources of 273.5BCF, where it intends on implementing a cost effective staged development plan to maximise shareholder value, targeting first gas in Q2 2018.
Management intends on building on its attractive asset base in the future, utilising its first mover advantage with further selective value accretive acquisitions.
The Company is led by an experienced Board and senior management team who have extensive industry and financial experience.
Curzon Energy is listed on the LSE Main Market under the ticker CZN.
