Oilman Jim's Blog18 Oct 2020 12:39
Zephyr Energy (ZPHR) (the old Rose Petroleum) announced a £2.25 million placing at 0.55p. The “upcoming drill” in fact is a vertical stratigraphic research well, part funded by the University of Utah's Energy & Geoscience Institute. The well has “been designed to facilitate re-use," though, which will allow the potential for future drilling of a horizontal appraisal lateral from the well-bore after the initial data acquired has been processed and evaluated. Most likely this will require significant further funding. The placing monies also are to be used for the funding of potential acquisitions, which to date have entailed paying top dollar for the directors’ own interests in somewhat out of favour US shale well acreage.