Zephyr Energy PLC's (LON:ZPHR) Colin Harrington marks a 'transformational day for the company' after raising £10m of new equity and striking a deal to acquire a package of producing wells in the Bakken Formation, in North Dakota, USA.
Harrington notes that it is an 'uncommon' environment' with strengthening commodity prices but continued distress in the US markets and lower drilling costs - so 'it's a great time to be drilling in the US and at the same time we're also seeing excellent value through acquisitions if they can be uncovered'.