Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) said its full-year results comfortably exceeded expectations, posting 2022 revenues of US$42.9mln from its non-operated Williston Basin assets in North Dakota, with US$7.4mln of that figure coming in the final quarter.
The number jumped from US$6mln 12 months earlier and compared with guidance ahead of Wednesday’s update of US$35mln-US$40mln.
Operating income for the year ended December 31, 2022, is set to be US$35.7mln as the group generated US$6.3mln in the fourth quarter.
A ‘delighted’ Colin Harrington, Zephyr’s chief executive, told investors: “Cash flows generated from these operations have been reinvested back into both our operated and non-operated asset portfolios, and we expect continued growth in 2023.
“We fully expect this year's Williston project production to exceed last year's once again.”
Daily production, which averaged 1,490 barrels in 2022, is predicted to be in the range of 1,550-1,750 barrels in 2023. There are 223 wells currently in the Williston portfolio.