REG - Zephyr Energy PLC - AGM Statement

Zephyr EnergyAnnouncement

26/07/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230726:nRSZ1755Ha&default-theme=true

RNS Number : 1755H  Zephyr Energy PLC  26 July 2023

 

 

26 July 2023

 

Zephyr Energy plc

("Zephyr" or the "Company")

AGM Statement

 

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas
company focused on responsible resource development from carbon-neutral
operations, will hold its Annual General Meeting ("AGM") at 11am today, at
the offices of Memery Crystal, 165 Fleet Street, London, EC4A 2DY.

 

At the AGM today, Rick Grant, Zephyr's Non-Executive Chairman, will make
the following statement:

 

"During the 2022 financial year and in the period since, Zephyr made
significant and material progress towards unlocking the substantial potential
value from its flagship project in the Paradox Basin, Utah, U.S. (the "Paradox
project"). As a result of opportunistic acquisitions during 2022, the Paradox
project is now made up of a 100 per cent working interest across an enlarged
45,000-acre position, with a newly acquired pipeline system and related
infrastructure assets now under our control.  Thanks to our recent drilling
successes (which achieved flowing hydrocarbons from both wells we have drilled
on the Paradox project to date), we have also been able to book our maiden
proved reserves and a large contingent resource base for the Paradox project.

 

"In addition to our substantial progress on the Paradox project, we have also
delivered remarkable growth from our non-operated asset portfolio resulting in
revenues of US$41.1 million for the year ended 31 December 2022 - a near
seven-fold increase in revenues from the prior year - and we anticipate
further growth to support the next stage of the Paradox project development as
our newly acquired wells operated by Slawson Exploration Company come online
in the next few months.

 

"Looking ahead, with a diverse portfolio of cash-flowing assets, potential for
substantial future organic growth, a solid financial footing, and a talented
and growing team, we continue to be extremely optimistic about Zephyr's
future. Our key goals for the remainder of 2023 are to move the Paradox
project towards commercial production while continuing to grow the
non-operated asset portfolio.

 

"Most importantly, on the occasion of our 2023 Annual General Meeting, I would
like to thank our Shareholders and partners for their continued support.  The
Zephyr team remains committed to the delivery of long-term value creation
while upholding our core values of being responsible stewards of our
Shareholders' capital and responsible stewards of the environment. The Board
is looking to the future with a high degree of confidence as we continue in
our pursuit of building a group of which all our stakeholders can be proud."

 

Contacts

 

 Zephyr Energy plc                                  Tel: +44 (0)20 7225 4590

 Colin Harrington (CEO)

 Chris Eadie (CFO)

 Allenby Capital Limited - AIM Nominated Adviser    Tel: +44 (0)20 3328 5656

 Jeremy Porter / Vivek Bhardwaj

 Turner Pope Investments - Joint Broker             Tel: +44 (0)20 3657 0050

 James Pope / Andy Thacker

 Panmure Gordon (UK) Limited - Joint Broker        Tel: +44 (0) 20 7886 2500

 John Prior / Hugh Rich / James Sinclair-Ford

 Celicourt Communications - PR

 Mark Antelme / Felicity Winkles / Ali AlQahtani   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 45,000-acre lease holding 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.

 

The Williston portfolio currently consists of working-interests in over 220
modern horizontal wells.  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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGMRAMLTMTITBIJ