Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) reported a higher revenue following its non-operated asset acquisitions and progress in the Williston Basin.
At US$41.1mln revenue for the year marked a rise from US$6mln in the prior 12-month period, meanwhile, pre-tax profit was up at US$22.6mln in 2022 versus US$1mln in the year before.
Net profit after tax was reported at US$19.3mln.
"I am pleased to report that the 2022 financial year was a period of excellent environmental, financial and operational performance for the company,” said Zephyr chair Rick Grant.
"Zephyr continues to be well positioned as a profitable, cash generating exploration and production group and our balanced portfolio of operated and non-operated assets is expected to continue to yield strong results for Zephyr.
“Cash flows generated from our non-operated portfolio will continue to be primarily used for the ongoing development of our flagship Paradox project.”
He added: "Looking ahead, with a diverse portfolio of cash flowing assets, potential for substantial future organic growth, a solid financial footing and a talented and dedicated team of employees, we continue to be extremely optimistic about Zephyr's future.
"Our key goals for 2023 are to move the Paradox project into full commercial production while continuing to grow our non-operated asset portfolio.”
Well testing at the Paradox project has provided the company with encouragement, the project continues to advance.
In the Williston Basin, North Dakota, U.S., Zephyr has interests in over 220 wells and has secured a hedging programme with BP Energy Company, promising over US$30mln of revenue over the next two years.
In line with its ESG objectives, Zephyr reported no health or safety incidents and maintained carbon neutrality across its operations in 2022.
The company ended 2022 with cash and cash equivalents of US$9mln, up from US$1.8mln in 2021.