Last checked at 6 Nov 2018 07:00
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Directorate Change
Curzon Energy Plc ("Curzon" or the "Company")
06 November 2018
Curzon Energy plc (LON:CZN) the London Stock Exchange listed oil and gas development company is pleased to announce that Scott Kaintz has agreed to step up from his role as Non-Executive Director and be appointed Chief Executive Officer.
The Company also announces that, with immediate effect, Stephen Schoepfer (Chief Executive Officer), Thomas Mazzarisi (CFO and Corporate Secretary) and Thomas Wagenhofer (Technical Director) have resigned from the board of the Company. Messrs. Schoepfer and Mazzarisi have also resigned from their positions with the Company's subsidiaries, also effective immediately. All three retiring Directors will continue to work with the Company in consulting roles on the ongoing development of Coos Bay and wider initiatives.
Highlights:
· Appointment of new CEO and a streamlined board of directors
· Corporate cost-reduction efforts implemented - targeting 50% reduction in overheads
· Planning for future activities at Coos Bay underway
· Additional oil and gas opportunities to complement Coos Bay CBM project under review
· Oversight of Corporate activities to migrate from US to London to facilitate interaction with key investors and improve Company messaging
John McGoldrick, Non-Executive Chairman, comments:
"It has been a pleasure to work with Stephen Schoepfer, Thomas Mazzarisi and Thomas Wagenhofer as they are all talented professionals who have played key roles in Curzon's development to date.
Stephen Schoepfer and Thomas Mazzarisi in particular have made significant contributions to our Coos Bay coal bed methane project for many years both before and after the IPO of Curzon.
Thomas Wagenhofer meanwhile has been critical to the technical development at Coos Bay over the past year, particularly in taking a project that had been on care and maintenance over an extended period and helping to reactivate it.
We thank all three Directors for their efforts and look forward to their ongoing contributions to Curzon's development.
Curzon meanwhile is now optimized to take the next steps in its development process."
Scott Kaintz, incoming Chief Executive Officer, comments:
"I look forward to the opportunity to step into this exciting and challenging role and to work with the revised board to create value for our shareholders.
As part of our ongoing development plans, our primary objective is to re-evaluate and streamline Curzon's cost structure to enable the majority of funds to go into the ground.
We believe that the US natural gas space remains an attractive opportunity for UK investors, and we intend to drive Curzon further towards becoming a producing entity in the near term. This may include further development of the Coos Bay CBM asset, as well as evaluating additional, potential projects.
Following this restructuring, we expect to see an increased pace of activity and operations and we look forward to keeping the market updated on the Company's developments."
For further information please contact:
Curzon Energy Plc +44 (0) 20 7747 9980
Scott Kaintz
www.curzonenergy.com
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Richard Hail
Richard Redmayne
Optiva Securities Limited +44 (0) 20 3137 1902
Christian Dennis