Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) non-executive chair Rick Grant highlighted “significant and material progress” in a statement ahead of today’s AGM, describing an opportunity of substantial potential value at the company’s flagship project in the Paradox Basin, Utah.
“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,” Grant said in the statement.
“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.”
At the same time, he noted “substantial progress” with Zephyr’s non-operated production portfolio which generated some US$41.1mln of revenue in the 12 months ended 31 December 2022.
The AGM takes place this morning, at 11:00 am, at the offices of Memery Crystal, 165 Fleet Street, London, EC4A 2DY.
“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,” Grant commented further.
“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."
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 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.”