Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF, FRA:VD5N) has expanded its operated land position in Utah’s Paradox Basin for the second time in a week, adding another 2,294 acres immediately north of its White Sands Unit.
The AIM-quoted oil and gas company said it acquired the Utah Trust Lands Administration leases through a sealed-bid auction, after nominating the acreage itself. The leases have a five-year primary term and carry a 16.67% royalty.
Zephyr said the acquisition was funded from existing cash resources. It follows the company’s acquisition of around 27,000 acres, announced on 26 June, taking its operated Paradox Basin position to more than 72,000 gross acres. The majority is held at a 100% working interest.
Chief executive Colin Harrington said the auction result “further enhance[s] the scale” of the Paradox project, adding that Zephyr would “continue to be opportunistic” in building its northern Paradox Basin position.
The company said it has also nominated a substantial number of additional leases north of the White Sands Unit, which are expected to be auctioned in September 2026.
In London, Zephyr shares advanced around 9% on the news, to trade at 3.73p each.
