Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) chair Rick Grant described 2024 as “a period of continued progress” as the company reported its audited final results for the year.
It comes as Zephyr works to ‘unlock the next prolific onshore oil and gas play in the United States’, in the Paradox basin, in Utah.
At the same time, the company’s financials are supported by non-operated oil and gas production in the Williston Basin, spanning North Dakota and Montana.
“We have continued to deliver on our dual-strategy of building an income-generating non-operated asset portfolio in the Williston Basin, in parallel with the pursuit of increased value through our development of the project in the Paradox basin,” Grant commented in Monday’s statement.
"This is a pivotal time in the evolution of the Paradox project, and we believe that the fundamental pieces are in place to drive the project forward to first gas and commercial production.
“The Paradox project is on the cusp of realising its potential as a project of substantial scale, and we will be working tirelessly to deliver this value over the next period.”
Zephyr’s Williston footprint is meanwhile expanding, following a recent equity raise, and a transaction that's expected to be accretive for both earnings and reserves.
In 2024, Williston generated $24.3 million of revenue and a $7.2 million gross profit, whilst a net loss of $19.6 million was reported, including a $14.5 million non-cash impairment charge.
Production from the Williston assets averaged 1,052 barrels of oil per day.
Zephyr recently, in June, raised $9.8 million of new capital through a share placing priced at 3p per share.
And, today, the company noted that a directors' share subscription, also priced at 3p, added another £700,000 to the coffers.
Grant, who participated in the raise alongside fellow board members, highlighted upcoming potential catalysts for the firm.
"It is anticipated that there will be considerable newsflow as we progress through the next phase in our development and we look forward to keeping Shareholders updated on our progress,” Grant said.
"The board looks forward to the coming months with confidence, as we continue to open up the next prolific oil and gas basin in the US."