Zephyr Energy PLC - London-based oil and gas investment company - Fully integrates the USD36 million Williston Basin asset purchase into its portfolio. The acquisition of the assets was completed on February 17. Says firstly monthly revenue payments have been paid by the operator, Whiting Petroleum Corporation.
First quarter operational production rates from the Williston Basin in North Dakota, US averages 1,643 barrels of oil equivalent per day net to Zephyr, which the company says is ahead of previous expectations and represents a record-breaking production quarter.
Chief Executive Colin Harrington says: "It is almost exactly twelve months since we announced Zephyr's first non-operated acquisition in the Williston Basin, and I'm absolutely delighted with the rapid growth and strong cash flows generated by the five portfolio acquisitions completed to date."
Current stock price: 7.10 pence, up 9.2% in London
12-month change: up 172%
By Heather Rydings; heatherrydings@alliancenews.com
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Zephyr Energy (ZPHR)