Zephyr Energy expects Paradox report in coming weeks
"We are excited about the detail and analysis provided to Sproule and have appreciated their thoughtful collaboration with our technical team to date," Colin Harrington said.
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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"We are excited about the detail and analysis provided to Sproule and have appreciated their thoughtful collaboration with our technical team to date," Colin Harrington said.
The acquisition was funded through a combination of the issuance of equity and senior debt.
The company is a non-operating stakeholder in a growing portfolio of wells in North Dakota.
The deal, funded by equity and debt, is expected to triple production and provide free cash flow to support high impact drilling in Zephyr's portfolio.
“I am exceptionally proud of the company's achievements in 2021 - it was a period of intense activity and tremendous progress," said chief executive Colin Harrington.
The company has received several approaches from owners of crypto mining facilities that could potentially be powered via by its new discovery in Utah
"I am incredibly excited about the production test results announced today," said chief executive Colin Harrington
It was another active week in the oil and gas sector.
This stock is up more than 700% in 2021 - it doesn’t have a blockchain nor is it an internet meme, rarer still, it is an oil and gas company!
Chief executive Colin Harrington described it as a landmark deal that gives the company a "significant, low-decline, low-risk, high margin production base"
“Today marks a historic moment and heightens our expectations regarding the future development potential of Zephyr's leaseholding"
“This approval is a direct result of the successful operations completed on the State 16-2LN-CC well," said chief executive Colin Harrington
In the ten days since the last update the well, which is in the oil and gas-rich Paradox Basin, has been stimulated in 14 separate stages horizontally across 4,020 feet
The company has overcome widespread logistical hurdles to get all the kit delivered to the well pad.
"I am delighted by the tremendous growth and progress delivered during the period under review," said chief executive Colin Harrington
“This groundbreaking initiative is a tangible demonstration of our determination to deliver on our core values of being both responsible stewards of our investors' capital and responsible stewards of the environment," said Colin Harrington
“I'm delighted to report continued progress and significant growth on the non-operated side of our business,” said chief executive Colin Harrington
"I'm thrilled with the continued progress from the well site,” said chief executive Colin Harrington
The extra testing phase is expected to deliver 'crucially important' insights which will be used in the planning of wider developments
Results are presently being analysed ahead of production testing