Zephyr Energy seeks to recover diverted funds after US cyber attack

(Alliance News) - Zephyr Energy PLC on Thursday said that one of its US subsidiary companies has been targeted in a cybersecurity incident.

The Rocky Mountain focused oil and gas company said the incident involved the diversion of a single payment to a contractor, resulting in around GBP700,000 being transferred to a third party.

Upon discovery, Zephyr Energy immediately notified law enforcement authorities and is working with banks and consultants to attempt to recover the diverted funds.

IT systems have been "thoroughly assessed" by a leading cybersecurity consultant, the incident is "contained", and the company's operations and corporate activity are "continuing as normal," Zephyr said in a statement.

Additional layers of security have been implemented as a result of this attack, it added.

Zephyr said it has "more than sufficient" working capital to ensure this will not impact its ability to perform its ongoing operations.

Shares in Zephyr Energy were 4.4% lower at 3.25 pence each in London on Thursday.

By Jeremy Cutler, Alliance News reporter

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