Curzon Energy Plc
("Curzon" or the "Company")
Unaudited Half-Year Results for the Six Months
Ended 30 June 2021
13 September 2021
Curzon Energy Plc (LON:CZN) the London Stock Exchange listed company, announces its unaudited interim results for the six months to 30 June 2021.
CHAIRMAN'S STATEMENT
I am pleased to present the interim report for the Company, covering its results for the six months ended 30 June 2021.
Financial Review
The Company incurred a loss of US$411,907 in the period. A majority of this loss comprised expenditures in relation to the maintenance of a commercial position at its Coos Bay Energy LLC ("Coos Bay") coalbed methane ("CBM") project as well as corporate costs and overheads associated with the UK listing. Additional expenditures were incurred conducting due diligence on a potential transaction with Poseidon Enhanced Technologies ("PET").
The Company had cash of US$113,282 as at 30 June 2021 (US$146,549 as at 30 June 2020). Basic loss per share of US$ 0.003 (period ended 30 June 2020: US$ 0.004).
Given the nature of the business and its present 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 historic Coos Bay coal bed methane project, as well as completing due diligence, covering a potential transaction with Poseidon Enhanced Technologies ("PET"). The Company believes that in light of a recent resurgence in US natural gas prices that the Company's historic assets continue to have value, and as such it progressing ongoing discussions regarding a farm-in or sale of these assets.
Due diligence efforts on the potential transaction with PET continue to progress, with PET preparing its operations, its team and its balance sheet for the planned transaction with Curzon.
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 during this extended transition process.
We look forward to updating shareholders on our progress in due course.
John McGoldrick
Chairman and Non-Executive Director
CHIEF EXECUTIVE OFFICER'S REVIEW
1
The Company remains focused on exploring development opportunities regarding its Coos Bay coal bed methane project, including active renewal discussions regarding license extensions with the major lease owners.
Meanwhile, discussions and data sharing continue with PET, and as demonstrated by the recent extension announced on 1 September 2021, all sides remain engaged and working towards completing this key diligence stage, including preparations of PET to ultimately operate as a listed entity.
The Company remains convinced of the sizeable opportunity that a chemical plastics recycling business offers, particularly in meeting the needs of major European and international brands, which are soon to be required to include 100% recycled PET plastic in their products.
With measurable progress on the potential transaction with PET and increasing US gas prices opening up opportunities regarding a Coos Bay transaction, the Company is well positioned to enter the exciting ESG space meeting a key ongoing industry need for recycled plastics.
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
2
Consolidated statement of comprehensive income for the six months ended 30 June 2021
Six months | Six months | Year ended | ||
ended | ended | 31 December | ||
30 June 2021 | 30 June 2020 | 2020 | ||
Unaudited | Unaudited | Audited | ||
Notes | US$ | US$ | US$ | |
Administrative expenses | 5 | (278,305) | (287,043) | (528,799) |
Loss from operations | (278,305) | (287,043) | (528,799) | |
Finance expense | 6 | (67,847) | (76,470) | (88,775) |
Impairment of exploration and | - | - | - | |
evaluation assets | ||||
Foreign exchange differences | 266 | (3,487) | - | |
Loss before taxation | (345,886) | (367,000) | (617,574) | |
Income tax expense | - | - | - | |
Loss for the period attributable to equity | ||||
holders of the parent company | (345,866) | (367,000) | (617,574) | |
Other comprehensive income/(expense) | ||||
Gain/(loss) on translation of parent net | ||||
assets and results from functional | (66,041) | 78,311 | (82,297) | |
currency into presentation currency | ||||
Total comprehensive loss for the period | (411,907) | (288,689) | (699,871) | |
(Loss) per share | ||||
Basic and diluted, US$ | (0.003) | (0.004) | (0.008) | |
3
Consolidated statements of financial position | ||||
At 30 June 2021 | At 30 June 2020 | At 31 December | ||
2020 | ||||
Notes | Unaudited | Unaudited | Audited | |
US$ | US$ | US$ | ||
Assets | ||||
Non-current assets | ||||
Intangible assets | - | - | - | |
Property, plant and equipment | - | - | - | |
Restricted cash | 125,000 | 125,000 | 125,000 | |
Total non-current assets | 125,000 | 125,000 | 125,000 | |
Current assets | ||||
Prepayments and other receivables | 32,180 | 33,812 | 41,699 | |
Cash and cash equivalents | 113,282 | 146,549 | 47,188 | |
Total current assets | 145,462 | 180,361 | 88,887 | |
Total assets | 270,462 | 305,361 | 213,887 | |
Liabilities | ||||
Current liabilities | ||||
Trade and other payables | 746,570 | 813,274 | 737,835 | |
Borrowings | 1,576,746 | 933,382 | 1,183,018 | |
Total current liabilities | 2,323,316 | 1,746,656 | 1,920,853 | |
Total liabilities | 2,323,316 | 1,746,656 | 1,920,853 | |
Capital and reserves attributable to | ||||
shareholders | ||||
Share capital | 4 | 1,105,547 | 1,105,547 | 1,105,547 |
Share premium | 3,619,332 | 3,619,332 | 3,619,332 | |
Share-based payments reserve | 474,792 | 474,792 | 474,792 | |
Warrants reserve | 375,198 | 375,198 | 375,198 | |
Merger reserve | 31,212,041 | 31,212,041 | 31,212,041 | |
Foreign currency translation reserve | (251,714) | (25,065) | (185,673) | |
Accumulated losses | (38,588,050) | (38,203,140) | (38,308,203) | |
Total capital and reserves | (2,052,854) | (1,441,295) | (1,706,966) | |
Total equity and liabilities | 270,462 | 305,361 | 213,887 | |
4
Consolidated statements of changes in equity
Foreign currency | ||||||||
Consolidation | Share-based | translation | Accumulated | |||||
Share capital | Share premium | reserve | payment reserve | Warrant reserve | reserve | losses | Total | |
US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | |
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 | - | - | - | - | - | 78,311 | - | 78,311 |
for the period | ||||||||
Total comprehensive loss for | - | - | - | - | - | 78,311 | (367,000) | (288,689) |
the period | ||||||||
Issue of share options | 2,090 | 206,871 | - | - | - | - | - | 208,961 |
Share issue costs | - | (12,538) | - | - | - | - | - | (12,538) |
Issue of 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) |
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 year 2020 | - | - | - | - | - | - | (617,574) | (617,574) |
Other comprehensive income | - | - | - | - | - | (82,297) | - | (82,297) |
for the year | ||||||||
Total comprehensive loss for | - | - | - | - | - | (82,297) | (617,574) | (699,871) |
the year | ||||||||
Issue of shares | 2,090 | 206,871 | - | - | - | - | - | 208,961 |
Share issue costs | - | (12,538) | - | - | - | - | (12,538) | |
Issue of warrants | - | (161,948) | - | - | 161,948 | - | - | - |
At 1 January 2021 (audited) | 1,105,547 | 3,619,332 | 31,212,041 | 474,792 | 375,198 | (185,673) | (38,308,203) | (1,706,966) |
Loss for the period | - | - | - | - | - | - | (345,866) | (345,866) |
Other comprehensive income | - | - | - | - | - | (66,041) | - | (66,041) |
for the year | ||||||||
Total comprehensive loss for | (66,041) | (345,866) | (411,907) | |||||
the year | ||||||||
At 30 June 2021 (unaudited) | 1,105,547 | 3,619,332 | 31,212,041 | 474,792 | 375,198 | (251,714) | (38,588,050) | (2,052,854) |
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Curzon Energy plc published this content on 13 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2021 09:41:00 UTC.