Curzon Energy : TitleInterim Report 2022

Unaudited Half-Year Results for the Six Months Ended 30

June 2022

Curzon Energy plc (LON:CZN) the London Stock Exchange listed oil and gas development company, announces its unaudited interim results for the six months to 30 June 2022.

CHAIRMAN'S STATEMENT

I am pleased to present the interim report for the Company covering its results for the six months ended 30 June 2022.

Financial review

The Company incurred a loss of US$ 180,131 in the period. A majority of this loss comprised expenditures in relation to the maintenance of the commercial potential of its Coos Bay CBM project as well as listing related corporate overheads in London. Additional expenditures were incurred conducting due diligence on a potential transaction with Poseidon Enhanced Technologies ("PET").

Net cash of US$109,796 as at 30 June 2022 (US$182,200 as at 31 December 2021). Basic loss per share of US$ 0.004 (period ended 30 June 2021: US$ 0.003).

Given the nature of the business and its development strategy, it is unlikely that the Board will recommend a dividend in the foreseeable future.

Outlook

The Company's near-term goals remains focused on both exploring ongoing opportunities and license renewals associated with the Company's historic Coos Bay coal bed methane project, as well as exploring a potential reverse takeover transaction. While the Company believes the Coos Bay assets hold residual potential value, the failure of the Jordan Cove LNG terminal to be progressed, the distance from existing oil and gas infrastructure and services, as well as challenges in renewing the historic licenses at a reasonable cost have all proven to be obstacles to reengaging the project.

Due diligence efforts on the potential transaction with PET have taken longer than expected to date with both market turmoil in general and volatility in the plastics markets causing uncertainties on the timing of any transaction. We continue to assess the PET transaction, as well as other potential transactions as the most attractive way forward for the business, however, there remains no certainty that a transaction as currently envisioned will be consummated.

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.

We will update shareholders on our progress in due course.

John McGoldrick

Chairman and Non-Executive Director

CHIEF EXECUTIVE OFFICER'S REVIEW

While exploring RTO options, 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 two major lease owners.

In London the Company has kept the cost basis low over the course of the year, recognizing the need to maintain a minimum operating base in current market conditions. Meanwhile,

discussions and data sharing continue with PET, with the Company looking to provide clarity on the transaction as soon as is feasible.

While the pacing of these developments have been somewhat delayed, we appreciate the patience of all stakeholders as we work through these various delays.

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

Consolidated statement of comprehensive income for the six months ended 30 June 2022

		Six months	Six months	Year ended
		ended	ended	31 December
		30 June 2022	30 June 2021	2021
		Unaudited	Unaudited	Audited
	Notes	US$	US$	US$
Administrative expenses	5	(307,999)	(278,305)	(569,865)
Loss from operations		(307,999)	(278,305)	(569,865)
Finance expense	6	(98,067)	(67,847)	(159,087)
Provision for reclamation obligation		-	-	(125,000)
Foreign exchange differences		(2,358)	266	(6,511)
Loss before taxation		(408,424)	(345,886)	(860,463)
Income tax expense		-	-	-
Loss for the period attributable to equity		(408,424)	(345,866)
holders of the parent company		(860,463)
Other comprehensive income/(expense)
Gain/(loss) on translation of parent net
assets and results from functional		228,293	(66,041)
currency into presentation currency		39,119
Total comprehensive loss for the period		(180,131)	(411,907)	(821,344)
(Loss) per share
Basic and diluted, US$		(0.004)	(0.003)	(0.009)

The accompanying notes on pages 7 to 11 are an integral part of this consolidated financial information. This consolidated financial information has been approved by the Company's directors.

Consolidated statements of financial position
		At 30 June 2022	At 30 June 2021	At 31 December
		2021
		Unaudited	Unaudited	Audited
	Notes	US$	US$	US$
Assets
Non-current assets
Intangible assets		-	-	-
Property, plant and equipment		-	-	-
Restricted cash		-	125,000	-
Total non-current assets		-	125,000	-
Current assets
Prepayments and other receivables		35,928	32,180	44,058
Cash and cash equivalents		73,868	113,282	138,142
Total current assets		109,796	145,462	182,200
Total assets		109,796	270,462	182,200
Liabilities
Current liabilities
Trade and other payables		766,976	746,570	774,591
Borrowings		2,051,261	1,576,746	1,935,919
Total current liabilities		2,818,237	2,323,316	2,710,510
Total liabilities		2,818,237	2,323,316	2,710,510
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		81,739	(251,714)	(146,554)
Accumulated losses		(38,577,090)	(38,588,050)	(39,168,666)
Total capital and reserves		(2,708,441)	(2,052,854)	(2,528,310)
Total equity and liabilities		109,796	270,462	182,200

The accompanying notes on pages 7 to 11 are an integral part of this consolidated financial information. This consolidated financial information has been approved by the Company's directors.

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 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)

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 year 2021	-	-	-	-	-	-	(860,463)	(860,463)
Other comprehensive income	-	-	-	-	-	39,199	-	39,199
for the year
Total comprehensive loss for	-	-	-	-	-	39,199	(860,463)	(821,344)
the year

At 1 January 2022 (audited)	1,105,547	3,619,332	31,212,041	474,792	375,198	(146,554)	(39,168,666)	(2,528,310)
Loss for the period	-	-	-	-	-	-	(408,424)	(408,424)
Other comprehensive income	-	-	-	-	-	228,293	-	228,293
for the year
Total comprehensive loss for						228,293	(408,424)	(180,131)
the year
At 30 June 2021 (unaudited)	1,105,547	3,619,332	31,212,041	474,792	375,198	81,739	(39,577,090)	(2,708,441)

The accompanying notes on pages 7 to 11 are an integral part of this consolidated financial information.

This consolidated financial information has been approved by the Company's directors.