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LONDON (Alliance News) - Curzon Energy PLC said on Tuesday its annual loss widened slightly on an impairment charge, but the company believes it is "well positioned for success" in the year ahead.
Curzon reported a pretax loss of USD2.0 million for 2018, versus USD1.8 million the year before. The company did not generate a revenue in either year.
Administrative expenses fell to USD1.4 million from USD1.7 million, but the company took a USD575,316 impairment on exploration and evaluation assets, having incurred no such charge the year before.
While the performance of the inherited wells at Coos Bay was "disappointing" in 2018, Curzon said that as it did not drill its own wells and an industry standard appraisal programme was not conducted, the commerciality of the field cannot yet be "definitively determined".
Meanwhile, the company said it is "very excited" by the potential to take part in near-term drilling of a high-impact multi-trillion cubic feet conventional gas appraisal programme in Texas.
"2018 saw the evolution of Curzon into a leaner and more focused entity with a clear and compelling investment offering for investors," said Chief Executive Scott Kaintz.
"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," Kaintz added.
Shares in Curzon were untraded at 2.00p on Tuesday.