Zephyr Energy PLC Receipt of US$7.5 million drilling funds
December 31 2024 - 2:00AM
RNS Regulatory News
RNS Number : 6471R
Zephyr Energy PLC
31 December 2024
31 December 2024
Zephyr Energy
plc
("Zephyr" or the
"Company")
Receipt of US$7.5 million
drilling funds
Further to its announcement on 18
December 2024, Zephyr is pleased to confirm that it has now
received US$7.5 million which will fully-fund the expected costs to
drill, complete and production test the extended lateral on the
State 36-2 LNW-CC-R well.
The Company continues to expect that
the drilling operations will commence in mid-January 2025
and will provide further updates as
appropriate.
Contacts:
Zephyr Energy plc
Colin
Harrington (CEO)
Chris Eadie (Group Finance
Director and Company Secretary)
|
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
Canaccord Genuity Limited - Joint-Broker
Henry Fitzgerald-O'Connor / Charlie
Hammond
Celicourt Communications - PR
Mark Antelme / Felicity Winkles
/ Ali AlQahtani
|
Tel:
+44 (0)20 3657 0050
Tel: +44
(0)20 7523 8000
Tel: +44 (0) 20 7770 6424
|
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 46,000-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 270
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. 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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