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20 Dec 2018 | 09:58

Curzon Energy mulls next steps for Coos Bay project after suspending operations

Curzon Energy suspended operations at its Coos Bay coal bed methane project amid a comprehensive review to determine the best way to move forward with project.

The decision to suspend operations comes as gas flow rates fell short of expectations, leaving the company wary of expending further funds and resources on testing existing wells. 'As such, the Board feels that to expend further funds and management resources on testing the existing wells was unlikely to yield meaningful results in the short term, and that a more sensible course of action would be to step back briefly to consider the best way forward at Coos Bay,' said Scott Kaintz, Chief Executive Officer. 'This decision on Coos Bay gives us the needed bandwidth to work towards completion of our agreements with Pared Energy on the potential multi-TCF Texas gas deal recently announced, while offering the chance to look at Coos Bay with a fresh top-down technical and commercial perspective.' 'A potential next step includes looking to attract a suitably qualified joint venture partner to help fund the next stage of appraisal drilling activity and testing at Coos Bay with the objective of confirming the ultimate commerciality of the project.' At 9:58am: (LON:CZN) Curzon Energy Plc Ord 1p share price was -0.65p at 1.85p

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