Zephyr Energy PLC - oil & gas exploration and development in US Rocky Mountains - Receives updated competent person's report for Paradox Basin project in Utah from consultants Sproule International Ltd, says on Tuesday. Books 2P proved reserves of 2.1 million net barrels of oil equivalent following Zephyr's well drilling, up from zero in a CPR back in 2018. Meanwhile, 2C resources are estimated at 27 million net boe, doubled from 12.3 million in 2018. Combined with Zephyr's Williston Basin non-operated assets, total 2P proved reserves now have estimated net present value at 10% discount rate of more than USD111 million.
"We are delighted with the conclusions drawn by Sproule, which both demonstrate the impact of our recent drilling success and which further highlight the substantial potential scale and profitability of the Paradox project," Zephyr Chief Executive Officer Colin Harrington says.
Current stock price: 6.25 pence, down 3.9% on Wednesday; down 15% on Tuesday
12-month change: up from 2.70p
By Tom Waite; thomaslwaite@alliancenews.com
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Zephyr Energy (ZPHR)