Curzon Energy shares rise as it releases Texas Gas Project details

Oil and gas development company Curzon Energy announced further details on its proposed participation in Pared Energy's Texas Gas Project on Friday, which was first announced on 21 November last year.

The London-listed firm said it intended to participate in the Texas Gas Project, alongside Pared Energy, which was focussed on properties covering an approximate 75,000 acres target fairway, which provided access to the “significant potential” of the multi-stacked Claiborne Group formation.

It said the project offered multi-trillion cubic feet (tcf) potential, with up to 1,000 feet of over-pressured stacked pay should all horizons prove commercial, with expansion potential in Texas up to 250,000 acres.

Curzon described it as an “attractive drill-ready opportunity” seeking to apply advanced drilling and completion technologies to known gas bearing, horizons to enhance productivity and ultimate recovery.

Initial development plans included one vertical and one horizontal development well, followed by a three-to-five well delineation program.

The company said it expected gas sales could start immediately upon well testing, with more than two billion cubic feet surplus pipeline and processing capacity existing in the region.

Access to both the US and Mexican gas markets, as well as a number of LNG processing and export plants, were under development across the east coast of Texas.

The company’s board said it believed the Texas Gas Project complemented its existing exposure to coal bed methane assets in Oregon.

“This exciting project positions Curzon Energy with a very attractive entry point to the Texas gas market with a drill-ready opportunity seeking to apply advanced drilling and completion technologies to known gas bearing horizons where techniques have little changed in many years,” said Curzon Energy chief executive officer Scott Kaintz.

“We also believe it offers a very complementary position to our existing CBM project in Oregon.

“We look forward to completing the negotiations around our participation with Pared in the Texas Gas Project over the coming weeks.”

As at 1107 GMT, shares in Curzon Energy were up 3.24% at 1.91p.