Business
Curzon Energy - intended LSE listing
Curzon Energy - intended LSE listing.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 1245S Regency Mines PLC 28 September 2017 \n\nRegency Mines PLC\n(\"Regency\" or the \"Company\")\n \nCurzon Energy - Intention to List on London Stock Exchange\n \n28 September 2017\n \nRegency Mines, Plc, the natural resource exploration and development company with interests in oil, metallurgical coal and base metals announces an update to its investment in Curzon Energy Plc (\"Curzon\") as announced on 26 May 2016. Curzon has announced its intention to seek admission of its shares to the Standard Listing segment of the Official List, to trade on London Stock Exchange's main market for listed securities and to raise gross proceeds of £2.3 million. \n \nHighlights\n \no Curzon Energy is pursuing a targeted acquisition strategy of oil and gas assets\no Curzon Energy's first acquisition is 100% of Coos Bay Energy LLC, owner and operator of c. 45,370 acres of coalbed methane (\"CBM\") leases, (\"Coos Bay CBM project\") targeting first gas by the end of 2017\no 2C Contingent Resources of 273.5BCF of CBM gas with over 400 potential well locations in total identified as per independent CPR\no All necessary permits in place to commence operations\no Proceeds used to connect 5 existing wells to sales line and to drill 2 new wells (Phase I) to deliver first gas and up to $1m of annual operating cashflow within 6 months of listing and NAV of over $30m by end of year 1\no Average cost for a new well is $350k with robust well economics even in low gas price scenario as per CPR \no Results of Phase I proof of concept will be used to optimize a future decision to progress to Phase II of the field development, which includes drilling of up to 58 wells that could deliver between $5m and $10m of annual operating cashflow. Phase III to follow with up to 400 potential well locations and NAV potential in excess of $200m\no Major gas pipeline (Coos Country Pipeline) passes through property. Letter of Intent has been signed with Northwest Natural, operator of the pipeline, for the purchase of Coos Bay's CBM gas at premium to Henry Hub Index. Average gas price payed by Northwest Natural over the last 5 years was $5.04/mcf, approximately $2/mcf higher than Henry Hub Index\no Curzon Energy has \"first-mover\" advantage in the ...