Wellbore Investor - 36-2R2 Feb 2025 15:36
"The U.S. non-operated investment market is growing increasingly active, with notable recent transactions in proven basins such as the Williston, as well as in other emerging plays close to our operations in Utah. We are delighted to be able to utilise this type of U.S.-specific funding for our Paradox project and view it as a highly attractive form of growth capital.
"With no issue of Zephyr equity or debt, and with no residual upside exposure in the future development of the Paradox project, this is a strong endorsement of the projects' single well economics. We are hopeful that the extended lateral will be the catalyst that ultimately delivers significant value from many more wells to be developed on our Paradox acreage, and this funding provides Zephyr with full flexibility for that future development.
"We are now moving ahead with all operational activity required ahead of drilling, including preparations at site and the finalisation of the rig contract, and I look forward to the commencement of full drilling operations early in the new year. We plan to update the market regularly during the anticipated active start to 2025."