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Zephyr Energy PLC - oil & gas company based in the Rocky Mountain region of the US - Says drilling crews at the State 16-2 well site at Paradox Basin, Utah, have been operating since the December spud and progress so far is fully in line with the company's expectations. Company has received the third USD600,000 tranche of the USD2 million grant funds allocated by the US Department of Energy and its National Energy Technology Laboratory for the drilling of the well. The final balance of USD200,000 will be received following the completion of drilling operations. Says management continues to assess acquisition opportunities with the potential to deliver near-term cash flow at attractive valuations.
"The goal for Zephyr over the next twelve months is straightforward - we want to transform the company into a well-capitalised producer of oil and natural gas, with strong positive cash flow and significant growth potential in its asset portfolio, and one which has developed its assets in an environmentally responsible way. The first step on that journey begins with the safe and successful completion the State 16-2 well," says Chief Executive Colin Harrington.
Current stock price: 0.900 pence
Year-to-date change: down 4.5%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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