31 July 2024
Zephyr Energy
plc
("Zephyr" or the
"Company")
AGM
Statement
and
Salt Wash helium project
update
Zephyr Energy plc (AIM:
ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas
company focused on responsible resource development and
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:
"We continue to make strong progress in
pursuit of our primary goal of unlocking the next prolific onshore
U.S. oil and gas play.
"Our operated upstream assets in the Paradox Basin offer
asymmetric growth potential, growth which is funded by cashflows
generated from our low-risk, high-margin non-operated interests in
the Williston Basin. In the near-term, we
will commence the next phase of our Paradox project operations on
the State 36-2R LNW-CC well, and we look forward to
keeping
shareholders updated on progress over the coming
weeks.
"In the meantime, I would like to extend my appreciation to
the entire Zephyr team and our contractors for their ongoing hard
work, and I would also like to extend my gratitude to my fellow
Directors, leadership team, and advisers. Most importantly, I
would like to give thanks to our shareholders for their continued
support.
"We look forward to the future with a high degree of
confidence. We have an exciting period ahead of us and I believe we
have all the pieces in place to enable us to deliver on our
strategic objectives successfully."
Salt Wash helium project update
The Company is also pleased to
announce that the State of Utah's Department of Natural Resources
has approved the Application for Permit to Drill for the
proposed Salt Wash Field helium project.
Zephyr remains in conversations with
multiple industry participants and other investors regarding the
potential to fund the cost of the commitment well at the asset
level, with the Company seeking to maximise value for
shareholders.
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Contacts
Zephyr Energy plc
Colin
Harrington (CEO)
Chris Eadie (Group Finance
Director and Company Secretary)
|
Tel:
+44 (0)20 7225 4590
|
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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 Liberum Limited - Joint-Broker
Mark Murphy / Kieron
Hodgson / James Sinclair-Ford
Celicourt Communications - PR
Mark Antelme / Felicity Winkles
/ Ali AlQahtani
|
Tel:
+44 (0)20 3657 0050
Tel: +44
(0) 20 7886 2500
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.