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(Alliance News) - Zephyr Energy PLC on Tuesday reported a year-on-year drop in revenue at its Williston Basin in North Dakota, US.
Zephyr Energy is an oil and gas company focused on resource development from carbon-neutral operations in the Rocky Mountain region of the US.
The company said revenue in the second quarter to June 30 at the basin fell to USD7.1 million from USD14.3 million a year prior. Compared to the first quarter of 2023, it was up 13% from USD6.3 million.
The average quarterly sales volume was 1,385 barrels of oil equivalent per day, down 25% from 1,856 a year ago.
Oil sales in the second quarter declined 31% to 85,310 barrels from 123,233 a year prior, while the average sales price fell 25% to USD74.70 per barrel from USD99.84.
Meanwhile, Zephyr announced an agreement to increase its land position in the Paradox basin in Utah via buying an additional 640 leased acres. The new acreage is on Utah School & Institutional Lands Administration lands and is close to the company's existing White sands unit and gas export infrastructure.
At the company's state 36-2 LNW-CC well in Utah at the Paradox basin, the operations team continues to complete the well work required before starting a production test. Operations were hindered in July due to extreme heat in the south west of the US amid record high temperatures.
Zephyr Energy shares were 3.3% lower at 3.68 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News reporter
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