Zephyr Energy hires rig for upcoming Paradox well
"Zephyr's operational team moved quickly to secure the rig contract with CWC,” said chief executive Colin Harrington
Company
LON:ZPHR
Zephyr Energy PLC is a technology-led oil and gas company focused on responsible resource development from carbon-neutral operations in the Rocky Mountain region of the United States. The company has a balanced portfolio of operated and non-operated assets, located in two established oil-producing basins in the Rocky Mountain region.
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"Zephyr's operational team moved quickly to secure the rig contract with CWC,” said chief executive Colin Harrington
A rig contract is “close” to being finalised, said the company's chief executive Colin Harrington
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WTI (Dec) $85.05 +54c, Brent (Dec) $93.50 +$1.12, Diff -$8.45 +58c. USNG (Nov) $4.95 -41c, UKNG (Nov) 192.0p -32p, TTF (Nov) €101.69 -€22.16.Oil priceOil rallied as Chinese Covid numbers got better and the dollar eased. The Baker Hughes rig
The company's chief executive Colin Harrington said it is an exciting period for Zephyr and the Paradox basin project
CEO Colin Harrington said the acquisition marks the start of "an exciting period" for Zephyr
“We continued to make significant in-roads across both our Williston assets and the Paradox project" Colin Harrington said.
The deal increases Zephyr's footprint in Utah and adds key infrastructure
The oil and gas company estimates the acquisition will add more than 4mln barrels of oil equivalent of additional 2C net resources to its flagship asset
Zephyr reiterated its 2022 production and revenue guidance of US$35-40mln in net non-operated revenue from 500,000 to 550,000 barrels of oil equivalent.
“We continue to make sustained progress on our stated mission - to open up the next prolific onshore US oil and gas play,” non-executive chair Rick Grant said
"The 2022 fiscal year promises to be an equally exciting time for our shareholders,” Rick Grant said
"The acquisitions announced today are an excellent incremental addition to our non-operated portfolio."
A novel crypto mining operation promises to be a beneficial problem-solving catalyst for Zephyr.
"The coming months will be a period of intense activity on the Paradox project,” says chief executive Colin Harrington.
First-quarter revenues totalled US$11.5mln net to Zephyr at average costs of US$11.87/boe
Industry consultant Sproule estimates that total unrisked recoverable barrels of oil equivalent (boe), on a 2P/2C/2U basis net to the company, is over 231 million boe.
Chief executive Colin Harrington called it a key milestone for the company
The programme, which will guarantee US$30mln of forecast revenue, comprises crude oil commodity swap agreements
"Our non-operated portfolio is now an excellent balance of 185 low-risk, high margin working-interests"
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Oil price, Zephyr, Touchstone. And finally... WTI $115.68 +$8.01, Brent $118.11 +$7.65, Diff -$2.43 -36c, NG $5.02 +30c, UKNG 610.0p +252.0pOil price. Apologies for the late blog, I am just back from the USA and pressed for time and energy!