LONDON (Alliance News) - Curzon Energy PLC said Wednesday it entered into a memorandum of understanding with Pared Energy LLC for the participation in the development of an onshore natural gas project in Texas.
Under the deal, the two companies will jointly finance and develop the project. They provided no financial details.
Curzon's Chief Executive Officer Scott Kaintz said: "We are pleased to be working with Pared to evaluate an opportunity that offers participation in the development of a natural gas project in the South Texas region of the United States.
"Pared's skills in identifying overlooked and often neglected reservoirs where modern horizontal drilling and multi-stage completion methods have yet to be deployed, offers the chance to jointly build an exciting new gas project with the potential for scale and delivering attractive investor returns."
Curzon shares were trading up 5.3% at 3.0 pence each.
Curzon Energy (CZN)