Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) has agreed a new investment, picking up a stake in 13 new wells in the US Rocky Mountain region.
The deal is under Zephyr's US$100 million strategic partnership with a US-based investor, and the acquisition will be completed via its Zephyr Hawk LLC vehicle.
It will see the investor fund 100% of the capital investment for the wells, with total capex forecast at around US$2.5 million.
"We believe that these will be the first of many, with additional similar investments already in our existing asset base," said chief executive Colin Harrington.
"Our goal is to drive additional, non-dilutive cash flow growth across our non-operated portfolio, and we look forward to securing further accretive opportunities in due course."