Curzon Energy PLC (LON:CZN) extended the exclusivity period for its letter of intent with Poseidon Enhanced Technologies, until April 1.
The agreement would see a reverse takeover.
The extensions provide further time for each party to continue due diligence.
“The parties continue to work towards the execution and delivery of a definitive purchase agreement, contemplating a reverse takeover of Curzon by PET, which will be conditional upon receipt of the required regulatory approvals from the FCA and its primary market functions, among other matters,” the company said.
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In early February, the company unveiled a new deal which would see the AIM-quoted entity become a producer of low-cost recycled plastics for the food and beverage industry.
Poseidon has developed a proprietary chemical recycling technology at its facilities on Teesside, in northeast England.
The technology is designed to process all 'waste' PET plastic including previously unrecyclable plastics (for example coloured bottles, trays, fibre and films). It produces a plastic feedstock that can be used by manufacturers.
Poseidon is planning an industrial scale roll-out, facilitated by a stock market listing process and a capital raise.