Zephyr Energy PLC (LON:ZPHR) said it expects to receive substantial cash flows over the next twelve months from the Williston basin, South Dakota, while also targeting the first production from the Paradox Basin in Utah.
Lateral drilling at Paradox is scheduled to start in July, with the company currently working on an initial analysis of the geologic data acquired from the recently drilled State 16-2 "dual use" well.
Rick Grant, Zephyr’s chairman, said "The period under review was one of remarkable progress for Zephyr, and I'm confident that in the coming months we will continue to see a flurry of corporate activity.
“Upcoming operational milestones are expected to occur across our asset portfolio - we expect all of our acquired wells in the Williston Basin to be online and generating significant near-term cash flow soon, and our upcoming drilling and ongoing geologic evaluation activity has the potential to generate considerable value from our Paradox project.”
Losses in the year to end December 2020 were US$2.34mln.