Big Picture – A Deep Dive Examination of Curzon Energy PLC
Curzon Energy PLC Snapshot
The Coos Bay asset has historical positive test data; 86 to 419 BCF of contingent resources and up to 1,000 BCF of CBM gas in-place. The previous operator has spent C. $37m to date and has drilled 5 wells and laid 4 miles of pipeline running from these 5 wells, ready to be connected and within 15 metres of the regional pipeline. The 5 wells tested gas up to 100 Mscf/day each in an area selected for initial development due to proximity to a regional gas pipeline.
The Directors intend to implement a cost effective staged development plan to maximize shareholder value. Curzon will be able to take advantage of local gas pricing in Oregon which significantly outperforms the broader market.
The company is led by an experienced board and senior management team who have extensive industry and financial experience.
Coos Bay Asset Highlights
- Curzon Energy is 100% owner and operator of approximately 47,000 acres of known and tested Coalbed Methane (CBM) Gas accumulations in the Coos Bay area of Oregon.
- Eocene aged Coal Bed Methane Gas in Coos Bay Oregon at a depth from 4000 ft to the surface
- CBM is created during the formation of coal. Methane is trapped by water within a coal seam. Relatively low cost wells are drilled into the coal seam and when the water is pumped out the coal starts releasing methane gas.
- Previous operator has spent C. $37m to date and has drilled 5 wells and laid 4 miles of pipeline running from these 5 wells. This existing pipeline infrastructure is ready to be connected and within 15 metres of the regional pipeline. The regional Coos Bay pipeline has a capacity of 3.9 BCF/day.
- The 5 wells tested gas up to 100 Mscf/day each in an area selected for initial development due to proximity to a regional gas pipeline. Nearby wells test up to 500 Mscf/day.
- The Coos Bay asset contains 86 to 419 BCF of contingent resources and up to 1,000 BCF of CBM gas in-place, and an average gas content of 148 scf/ton.
- Total net thickness up to 70+ ft from over 10 coal seems, and average permeability of 6 md.
- First Gas by end of Q2 2018.
- CBM wells are different from conventional gas wells as they tend to be cheaper to drill as are mainly a lot shallower. CBM wells also produce gas for a lot longer than conventional gas wells.
Reserves & Resources
Gas in Place Estimate
Contingent Resources Summary
Individual Well Economics
Development Economics: Initial Phase I (7 Wells) and Phase II (58 Wells)
John McGoldrick, Chairman
John McGoldrick has over 36 years of upstream experience in a variety of senior management roles, notably at Enterprise Oil where he was responsible for its US operations up until Shell’s takeover in 2002. Since then John has served as Executive Chairman of Caza Oil & Gas Inc. (formerly Falcon Bay Energy LLC), a US onshore exploration and production company, which he took public in Toronto and London in 2007, becoming non-executive Chairman in 2010. From 2008 to 2013, John was a non-executive Director of Vanguard Natural Resources LLC, a NYSE-listed Oil & Gas company focused on the US. In January 2012 John joined Dart Energy International as CEO, subsequently becoming MD of Dart Energy in March 2013. He held this post until Dart Energy’s sale to IGas at the end of 2014.
Scott Kaintz, Executive Director, CEO
Scott has extensive experience leading, funding and operating publicly traded natural resource exploration and development businesses on the London markets.
He started his career as a US Air Force Officer working across Europe, the Middle East and Central Asia. He subsequently held managerial and technology roles in the defence sector in Europe before transitioning to corporate finance and investment positions focused primarily on capital raising and making debt and equity investments in small-cap listed companies. Scott has significant experience in emerging markets, with a particular emphasis on the countries of the former Soviet Union.
Scott holds a BSLA in Russian language and Russian Area Studies from Georgetown University as well as MBA degrees from Columbia Business School and London Business School. He is also a Director of Regency Mines Plc, Red Rock Resources Plc, and Whitecar Limited.
Brian Kinane, Non-Executive Director
Brian Kinane is founder and CEO of RiverFort Capital, a specialist alternative investment advisor. He has extensive experience within the hedge fund industry including investment in the natural resource industry and the financing of a number of US-based oil and gas companies. Previously, he has been a founding shareholder and executive director of a number of high growth technology companies including Feedhenry Ltd which was acquired by Redhat Inc for in excess of $80 million in cash in 2014. Brian holds MBAs from Columbia Business School and London Business School.
Owen May, Non-Executive Director
Mr. Owen May is an American banker with over 30 years of experience on Wall Street. He currently serves as a Managing Director of MD Global Partners, a full-service investment-banking firm, and is actively involved in a broad range of investment activities in Israel, China, and Europe. Following his undergraduate degree in biology at University of Miami, Mr. May earned an MBA in finance from Duke University’s Fuqua School of Business, where he currently sits on the Board of Visitors and offers career coaching and opportunities to program participants. He also continues to hold a position on the President’s Council for the University of Miami.
152 City Road
Tel: +44 (0) 203 542 0981
Auditors and Reporting Accountants
Crowe Clark Whitehill LLP
St Bride’s House
10 Salisbury Square
Tel: +44 (0) 20 7842 7100
Solicitors to the Company
McCarthy Denning Limited
25 Southampton Buildings
Tel: +44 (0) 20 7769 6741
Neville Registrars Limited
18 Laurel Lane
Tel: +44 (0) 121 585 1131