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Zephyr Energy PLC - oil & gas exploration and development in US Rocky Mountains - Continues to grow non-operated portfolio through drilling on existing acreage and bolt-on acquisitions in the Williston basin.
Will take in seven new Sanish Field infill wells, and acquire working interests in a further 11 wells, for USD301,000 in total.
The 18 wells are expected to come into production by the end of 2022, and produce 200 to 250 barrels of oil equivalent per day.
"Cashflows from Zephyr's non-operated portfolio continue to exceed earlier expectations, which allows us to fund additional accretive drilling investments and maintain a strong non-operated production profile without diverting resources from our planned Paradox Basin drilling programme," said Chief Executive Colin Harrington.
"It remains our intention to fortify our non-operated production through continued drilling participation as well the opportunistic acquisition of quality assets. Today's announcement demonstrates Zephyr's continuing capacity to grow our underlying asset value, which will in turn provide more resources for the long-term organic development of our Paradox project," Harrington added.
Current stock price: 4.10 pence, down 7.9% on Thursday
12-month change: down 19%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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