RE: Zeph28 Nov 2024 16:58
Sept 26th
six months ended 30 June 2024 ("H1 2024").
Debt
· The Company's gross borrowings at 30 June 2024 were US$29.2 million, a reduction from US$33.7 million at the end of H1 2023. By 6 September 2024, gross borrowings had been reduced further to US$27.9 million
Assets $98m
At 30 June 2024, the combined carrying value of the Paradox project and Williston project was US$98.0 million, demonstrating the scale of the Company's asset portfolio.
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· H1 2024 net sales volumes averaged 1,239 barrels of oil equivalent per day ("boepd"), for a total of 225,622 barrels of oil equivalent ("boe") net to Zephyr, over the period.
Revenue
H1 2024 increased to US$13.6 million, net to Zephyr,
H1 2024 gross profit
(including operating and transportation expenses, production taxes and realised gains from hedging contracts, and excluding depreciation, depletion and amortisation ("DD&A")) increased to US$10.0 million (H1 2023: US$9.4 million)
Adjusted earnings
before interest, tax, DD&A, unrealised foreign exchange gains, share based payments and unrealised losses on hedging contracts (together "Adjusted EBITDA") for H1 2024 were US$7.1 million.
So net profits were ?
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Cash in bank Sept 24th
· At 24 September 2024 (the most practicable date prior to this statement), the Company had cash balances of US$1.3 million. In addition, the Company expects to receive the following payments over the next few days:
$5.2m due, the $3m insurance, since already spent, what period will it contribute to..?
o Reimbursement of circa US$3.0 million from its insurer. The invoices relating to the US$3.0 million claim have already been paid in full by the Company.
o A revenue payment of circa US$0.9 million related to a portion of its non-operated portfolio.
· Over the coming months, Zephyr expects to submit final claims under the well control insurance policy of circa US$1.3 million for which it also expects to be fully reimbursed.