Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) told investors it has been approved for a drill permit at its Salt Wash Field helium project, in Utah.
The company is, meanwhile, in active talks with industry participants and investors over funding for the helium project's commitment well.
It comes as Zephyr is advancing its ‘play opening’ Paradox project, also in Utah, and, generating revenues from its portfolio of non-operated production wells in North Dakota.
Today, Zephyr holds its AGM and in a statement ahead of the shareholder meeting, non-executive chair Rick Grant said the company is looking forward “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,” Grant highlighted.
He also said: "We continue to make strong progress in pursuit of our primary goal of unlocking the next prolific onshore US 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.”