Announcement
Curzon Energy plc : Commencement of Well Operations
RNS Number : 4771Y
Curzon Energy PLC
06 December 2017
6 December 2017
Curzon Energy Plc
("Curzon Energy" or the "Company")
Commencement of Well Operations
Curzon Energy Plc, an energy company pursuing a targeted acquisition strategy of oil and gas appraisal and development assets, is pleased to announce that workover and clean-out operations commenced on 27 November 2017 on well 9-21, the first of five existing wells at its Coos Bay CBM project.
Cleanout operations on well 9-21 have been completed and the rig has moved on to the second well, Well 1-21. Following clean-out operations each well will undergo a series of flow tests in order to establish well deliverability. Aggregate flow results of all five wells will be released at the end of the workover campaign of all five wells, which we expect by early January 2018.
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.
Stephen Schoepfer, Managing Director of Curzon Energy said:
"We are delighted that operations have commenced and look forward to updating shareholders on our progress in due course."
For further information please contact:
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Curzon Energy PLC |
c/o Camarco |
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Stephen Schoepfer / Thomas Wagenhofer |
+44 20 3757 4980 |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Richard Hail |
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Camarco (Financial PR) |
+44 20 3757 4980 |
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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.
About Coalbed Methane (CBM):
Coalbed methane gas (CBM), coal seam gas (CSG), or coal-mine methane (CMM) is a form of natural gas extracted from coal beds. It is an unconventional form of natural gas found in coal seams or coal deposits. CBM is generated during the process of coalification which is the transformation of plant material into coal and is contained in the coal microstructure. Typical recovery entails pumping water out of the coal to allow the gas to escape. Methane is the principal component of natural gas. Coalbed methane can be added to natural gas pipelines without any special treatment. CBM is made up of 95 per cent methane and does not contain sulphur compounds such as hydrogen sulphite.
The United States has the longest history and greatest volumes of CBM production, however other
countries such as Canada, China and Australia have increased production over the last decade.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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