Zephyr Energy PLC AGM Statement (1755H)
26 July 2023 - 4:00PM
UK Regulatory
TIDMZPHR
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 Tel: +44 (0)20 3328 5656
Adviser
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 Tel: +44 (0) 20 7770 6424
AlQahtani
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.
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END
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