Graham Clarke CEO and Andrew Vaughan, Head of Corporate Development from Emmerson the Moroccan potash mine developer, presented at London South East's April Investor Webinar. Watch the full video here

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Zephyr Energy raise £10M to acquire new oil assets in Dakota, fund lateral well in Paradox Basin


We interviewed Zephyr Energy (LSE:ZPHR) CEO Colin Harrington on news of the £10M share raise from new and existing institutions, the board and other investors.

$3.5M dollars goes to drill and fund the lateral appraisal well at the Paradox Basin, the next step in the work programme there, and Colin emphasised that the Cane Creek well has been as derisked as much as it is possible to be.

A further 8 million dollars goes to purchase five soon to be oil producing wells in the 'Bakken Formation', North Dakota. Most of the money goes on paying back CAPEX on the project, which the previous owner had not been able to pay. In May the first well will begin to produce oil and by the year end the wells will be producing 720 bpd, with a net cost of less than a dollar per barrel of oil.

"We are buying five well bore interests alongside a very good operator in the Bakken Formation, one of the most active operators there," added Colin. "All five wells have been drilled, one is already online and producing, the other four are drilled but not yet completed, they are about to be completed in May."

The Bakken wells were purchased from a distressed seller, are non operational, the operator is good quality and the purchase breaks even after a year. "Its been a transformational time for the company", said Colin. "With the drilling of the lateral and the acquisition, we have got a platform which we can grow significantly on its own resources without having to raise more capital, and we are just anxious to get moving on it."

Colin Harrington, Zephyr Energy CEO speaks at the London South East Investor Webinar

What's Hot first week of December #NXT #BOO #HE1 #FRAS #JD. #POW #CORA #ZPHR #VRE #MKS

Zephyr Energy raises £2.25M for Paradox Basin Cane Creek well #ZPHR

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