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30 Apr 2019 | 09:35

Curzon Energy reports wider losses after writedown of assets at Coos Bay

Curzon Energy reported wider annual losses as a writedown of exploration assets at Coos Bay offset a reduction in costs. For 2018, pre-tax losses widened to US$1.95m from US$1.83m after the company had to write down exploration assets at Coos Bay of $0.575m after testing revealed that the wells were unlikely to be viable for future development. The group's cash balances at the end of 2018 totalled US$125,621, down from US$1,595,035 reported last year, following a significant reduction in corporate overheads and staffing implemented during the latter half of 2018, the company said. '2018 saw the evolution of Curzon into a leaner and more focused entity with a clear and compelling investment offering for investors. With the groundwork now in place to progress the potential Texas Gas Project, coupled with the residual upside of Coos Bay, the Company believes it is well positioned for success in 2019,' said Scott Kaintz, Chief Executive Officer.

At 9:35am: (LON:CZN) Curzon Energy Plc Ord 1p share price was 0p at 2p

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