Lost and Found Productions’ new show, the Elizabethan period piece “Elizabeth Rex,” takes some time to get off the ground. Yet once it has found its groove, and its two leads are allowed to take over the play, even a claustrophobic set and some lulls in timing can’t keep this show from being a captivating work of art.

The play imagines a fictional encounter between William Shakespeare’s troupe of actors and Queen Elizabeth I. While in reality the actors did perform for the monarch the night before the execution of her lover, the Earl of Essex, for treason, “Elizabeth Rex” sees the queen visiting the sequestered actors after the show in secret, looking for a way to distract her from the imminent death of the love of her life.

Yet instead of finding respite with the troupe of actors, Elizabeth become entangled in a back and forth with Ned Lowenscroft, a gay actor who is renowned for his portrayal of female characters. Lowenscroft is dying of syphilis, given to him by an army captain he fell madly in love with, and who subsequently died during the Irish invasion. As the two become drunker and the execution gets closer, the two delve into what it means to be a man, what it means to be a woman, and what it means to kill that side of you in order to do what must be done.

While the play is genuinely funny and full of well-timed comedic bits that elicit numerous laughs, the raison d’etre of “Elizabeth Rex” is Elizabeth I and Lowenscroft’s war of words. And Lost and Found has cast a pair of actors who are captivating and perfectly paired.

Sean Guderian as Ned strikes the perfect balance between heartbroken and vengeful, completely free of fear of antagonizing a monarch who could have him killed in an instant. And from the Margaret Cassart walks on stage as Elizabeth, she embodies royalty. There are times when she doesn’t seem to be playing a queen, she simply is one.

Cassart and Guderian are unrelenting in their thrusts and parries, as the queen prods the greatest performer of female characters to teach her how to play the woman and Ned tries to get Elizabeth to admit to the heartbreak she hides behind the crown. The two put on a masterclass that carries the play through some uneven territory.

The cast is talented and the script is a winner. But it feels like there is another level the show could rise to it simply ran tighter. There are moments when the tiny stage of the Bug Theatre seems like a roadblock as the action on stage is limited to verbal sparring and static movement. Sound cues could be better placed and better timed. The spaces between bites of dialogue could be shortened. The review was made on opening night of an eight-show run and it could simply be the production was working out the kinks of a maiden voyage.

But even if the hiccups aren’t temporary and the show remains as is, all of those critiques are worth dealing with to enjoy a captivating group of performances.

3.5 out of 5 stars

“Elizabeth Rex” by Lost and Found Productions. Playing now through July 14 at The Bug Theatre.

For tickets, visit lostandfoundproductions.net.