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Pin to quick picksZephyr Energy Regulatory News (ZPHR)

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Completion of Paradox project acquisition

10 Feb 2023 08:00

RNS Number : 5116P
Zephyr Energy PLC
10 February 2023
 

10 February 2023

Zephyr Energy plc

(the "Company" or "Zephyr")

 

Completion of Paradox project acquisition

 

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development and carbon-neutral operations, is pleased to announce the completion of its acquisition of the remaining 25 per cent. working-interest in the White Sands Unit in the Paradox Basin, Utah, U.S. (the "Acquisition"), details of which were announced on 21 December 2022. This follows the issue and admission to trading on AIM today of the 13,483,095 new ordinary shares of 0.1 pence each in the Company to satisfy the initial consideration for the Acquisition, as announced on 1 February 2023.

 

Colin Harrington, Zephyr's Chief Executive, said:

"I am delighted to announce the completion of the Acquisition which, I believe, represents a substantial building-block for the Company's future development and growth.

 

"The Acquisition is immediately accretive to our shareholders, given the increase in the Company's reserves and resources, and provides the Company with increased flexibility and optionality in terms of the future development of our Paradox assets.

 

"I would particularly like to thank the vendor, Rockies Standard Oil Company LLC, for their long term support and partnership over the years. We welcome them onto our share register where they will remain positioned to participate in the existing and future potential value of the Paradox project."

 

Contacts

 

Zephyr Energy plc

Colin Harrington (CEO)

Chris Eadie (CFO)

 

 Tel: +44 (0)20 7225 4590

Allenby Capital Limited - AIM Nominated Adviser

Jeremy Porter / Vivek Bhardwaj

 

 Tel: +44 (0)20 3328 5656

 

Turner Pope Investments - Joint-Broker

James Pope / Andy Thacker 

 

Panmure Gordon (UK) Limited - Joint-Broker

John Prior / Hugh Rich / James Sinclair-Ford / Harriette Johnson

 

Celicourt Communications - PR

Mark Antelme / Felicity Winkles

 Tel: +44 (0)20 3657 0050

 

 

Tel: +44 (0) 20 7886 2500

 

 

 

Tel: +44 (0) 20 8434 2643

 

 

Notes to Editors

 

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) is a technology-led oil and gas company focused on responsible resource development from carbon-neutral operations in the Rocky Mountain region of the United States. The Company's mission is rooted in two core values: to be responsible stewards of its investors' capital, and to be responsible stewards of the environment in which it works.

 

Zephyr's flagship asset is an operated 45,000-acre leaseholding located in the Paradox Basin, Utah, 25,000 acres of which has been assessed to hold, net to Zephyr, 2P reserves of 2.6 million barrels of oil equivalent ("mmboe"), 2C resources of 34 mmboe and 2U resources 240 mmboe.

 

In addition to its operated assets, the Company owns working interests in a broad portfolio of non-operated producing wells across the Williston Basin in North Dakota and Montana. 

 

The Williston portfolio currently consists of working-interests in over 200 modern horizontal wells which are expected to provide production of 1,550 - 1,750 barrels of oil equivalent per day, net to Zephyr, in 2023. Cash flow from the Williston production will be used to fund the planned Paradox Basin development. In addition, the Board will consider further opportunistic value-accretive acquisitions. 

 

 

 

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UPDEAPANELXDEFA
Date   Source Headline
9th Jul 20247:00 amRNSOperations Update
27th Jun 20247:00 amRNSFinal Results
26th Jun 20247:00 amRNSOperations Update
14th Jun 20247:00 amRNSState 36-2R well production test
6th Jun 20247:00 amRNSState 36-2R well update
3rd Jun 20247:00 amRNSState 36-2R well drilling update
31st May 20245:00 pmRNSTotal Voting Rights
31st May 20247:00 amRNSQ1 2024 results from the Williston Basin portfolio
29th May 20247:01 amRNSGrant funding from U.S. DOE & drilling update
14th May 20247:00 amRNSOperations update, warrant exercise and TVR change
3rd May 20247:00 amRNSHolding(s) in Company
3rd May 20247:00 amRNSDebt for equity exchange & State 36-2R well update
25th Apr 20247:00 amRNSStart of well drilling operations
17th Apr 20247:00 amRNSState 36-2R well drilling operations update
10th Apr 20247:00 amRNSGrant of share options and issue of warrants
28th Mar 20247:00 amRNSAdditions to senior management team
27th Mar 20241:02 pmRNSSalt Wash helium project update - replacement
27th Mar 20247:00 amRNSSalt Wash helium project update
22nd Mar 20247:00 amRNSCommencement of Initial Drilling Operations
15th Mar 20247:00 amRNSAward of rig contract to Helmerich & Payne
11th Mar 20247:00 amRNSParadox project update
29th Feb 20247:00 amRNSQ4 2023 results from Williston Basin portfolio
14th Feb 20247:00 amRNSState 36-2R Drilling Permit Sundry Notice Approval
8th Feb 20247:00 amRNSOperations update
15th Dec 20237:00 amRNSOperational update
15th Nov 20237:00 amRNSQ3 2023 results from Williston Basin portfolio
1st Nov 20237:00 amRNSWilliston Basin Update
25th Oct 20237:00 amRNSInvestor Webinar Registration
18th Oct 202312:38 pmRNSInvestor Webinar
18th Oct 20237:00 amRNSParadox project update
29th Sep 20237:00 amRNSHalf-year Report
20th Sep 20237:00 amRNSStatement Re Market Speculation
15th Aug 20237:00 amRNSQ2 Williston Basin & State 36-2 LNW-CC Update
26th Jul 202311:39 amRNSResult of AGM
26th Jul 20237:00 amRNSAGM Statement
10th Jul 20237:00 amRNSParadox project update
30th Jun 20235:00 pmRNSTotal Voting Rights
26th Jun 20237:00 amRNSFinal Results
6th Jun 20237:00 amRNSPlacing & Subscription & Project Update
16th May 20237:00 amRNSQ1 Williston Basin & State 36-2 LNW-CC Update
2nd May 20237:00 amRNSHedging programme update
20th Apr 20236:15 pmRNSCorporate Presentation
13th Apr 20234:02 pmRNSInvestor Webinar
11th Apr 20237:00 amRNSState 36-2 LNW-CC well update
20th Mar 20237:00 amRNSState 36-2 LNW-CC well production test to commence
8th Mar 20237:00 amRNSParadox project update
28th Feb 20235:00 pmRNSTotal Voting Rights
15th Feb 20237:00 amRNSQ4 & FY 22 results from Williston Basin portfolio
14th Feb 20237:00 amRNSState 36-2 LNW-CC well update
10th Feb 20238:00 amRNSCompletion of Paradox project acquisition

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