Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) chief executive Colin Harrington called 2024 “another strong year” for the firm’s non-operated production assets in the Williston basin, in North Dakota.
Sales from the Williston Basin averaged 1,149 barrels of oil equivalent per day (boepd) net to Zephyr in the year, up from 1,116 boepd in FY 2023.
In aggregate, it yielded 420,724 boe for the year – comprising around 90% crude oil, 4% natural gas, and 6% natural gas liquids.
Revenue totalled $24.30 million, down slightly from $25.20 million in the year before, due to lower commodity prices. Operating income came in at $16.70 million after expenses.
Zephyr noted that it hedged some 27,500 barrels of oil – with 10,550 locked at $80.91 and 17,000 at $71.35.
Output was impacted by extreme weather, at 829 boepd in the fourth quarter.
Zephyr had 229 wells in production at the year end, with an average working interest participation at 7%.
“2024 was another strong year for our non-operated Williston portfolio. The historical investment in the portfolio continues to compound cashflow which enables us to pursue the significant upside potential of the Paradox project,” Harrington said.
In Utah, meanwhile, where it operates the Paradox project, well-completion operations are slated to start next week for the State 36-2 LNW-CC-R well – to be followed by testing, with results expected by mid-to-late April.
"I am very happy with the progress our team has made, in conjunction with our service partner Halliburton, in designing the upcoming completion for the State 36-2 LNW-CC-R well,” Harrington added.
“Activity at site has started, and we look forward to commencing completion operations shortly, with production testing to follow immediately thereafter.
"We will provide further updates as operations progress."