Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF, FRA:VD5N), the oil and gas company, has acquired an additional 27,000 acres in the Paradox Basin in Utah, roughly doubling the land surrounding its flagship project there.
The new acreage takes the company's total operated position in the basin to around 70,000 gross acres, with the majority held at a 100% working interest.
The deal comes as Zephyr pursues a farm-out of the Paradox project, a process in which it seeks an industry partner to share development costs and risk.
The acquired land sits to the south and west of Zephyr's White Sands Unit, the heart of its operations, and expands access to the Cane Creek reservoir and the wider Paradox Formation oil and gas play.
Management said the new acreage was largely contiguous and expected to share similar reservoir conditions to those already proven within the existing unit.
There is also potential for helium below the Paradox Formation across the newly acquired land.
Around 24,000 acres were secured through a competitive lease sale run by the US Bureau of Land Management, which carry a ten-year primary term, with the remainder obtained through direct negotiation with Utah Trust Lands Administration.
The acquisition was funded from existing cash resources.
Separately, Zephyr confirmed it had completed two disposals of undeveloped, non-core acreage in the Powder River Basin in Wyoming, raising net proceeds of around 2.2 million dollars.
That land formed part of a 7.3 million dollar portfolio of producing wells and undeveloped acreage bought in August 2025, and the company is still weighing options for the remaining holdings.
Colin Harrington, chief executive, said the contiguous acreage package would significantly enhance the commercial value of the Paradox project at a critical stage in its development.
He added that Zephyr would continue to pursue further value from its enlarged position in the basin.
