Zephyr Energy PLC said six wells operated by Slawson Exploration at Williston Basin, North Dakota will come on stream today, 1 November.
Eleven months ago, Zephyr acquired working interests of between 11% to 32% in these wells, which it estimates contain net 2P reserves of 550,000 barrels of oil equivalent.
Zephyr added the semi-annual redetermination of revolving credit facility (RCF), carried out by the company's senior lender, North Dakota-based First International Bank and Trust (FIBT) had been completed and confirmed the existing amounts available.
The borrowing base remains at US$13 million, the level at which it is currently drawn, Zephyr said.
In addition to the RCF, on 31 October 2023, Zephyr had an additional US$11.7 million of outstanding borrowings on its amortising senior bank term loan with FIBT compared to US$15.8 million a year ago.
No value was ascribed to the new Slawson production during the redetermination process.