Business
Final Results and notice of AGM
Final Results and notice of AGM.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9536A\n Zephyr Energy PLC\n 07 June 2021\n \n \n \n \n Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n \n 7 June 2021\n Zephyr Energy plc\n (the \"Company\" or \"Zephyr\")\n \n Final Results and notice of AGM\n \n \n Zephyr Energy plc (AIM: ZPHR), the Rocky Mountain oil and gas company focused on responsible resource development, announces its audited results for the year ended 31 December 2020.\n \n \n \n \n Overview\n \n \n During the 2020 financial year and in the period since, Zephyr underwent a wholesale transformation as it evolved from a single project exploration company to a self-sustaining oil producing group with a diverse portfolio of assets in two established oil producing basins in the United States of America (the \"U.S.\").\n \n \n \n \n \n The Company expects to accumulate substantial cash flows over the next twelve months from its recently acquired non-operated assets in the Williston Basin, North Dakota, U.S. In addition, Zephyr is poised for significant near-term organic growth as it plans to drill and target first production from its flagship appraisal project in the Paradox Basin, Utah, U.S (the ''Paradox project\"). The Company also expects to complete its initial analysis of the geologic data acquired from the recently drilled State 16-2 \"dual-use\" well shortly, in both the Cane Creek and the multiple overlying reservoirs.\n \n \n \n \n Rick Grant, Zephyr's Non-Executive Chairman, said\n \n \"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. \n \n \n \n \n \n \"I am gratified by the growth achieved and...