Business
Q2 2024 results from the Williston Basin portfolio
Q2 2024 results from the Williston Basin portfolio.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n\nPrior 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 \n14 August 2024\nZephyr Energy plc\n(\"Zephyr\" or the \"Company\")\n \n Second Quarter 2024 Williston Basin production results:\nFourth consecutive quarter of non-operated production growth\n \nZephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations, is pleased to provide results for the quarter ended 30 June 2024 (\"Q2\") related to hydrocarbon production from its non-operated asset portfolio in the Williston Basin, North Dakota, U.S (the \"Williston project\").\n· Q2 production averaged 1,226 barrels of oil equivalent per day (\"boepd\") compared to production in the first quarter of 2024 (\"Q1\") of 1,151 boepd, an increase of seven per cent quarter on quarter.\n \no During Q2, production from the six wells operated by Slawson Exploration Company (the \"Slawson wells\") continued to be partially impacted by gas export infrastructure constraints.\n§ The Slawson wells averaged stable production of approximately 525 boepd during the quarter, with minimal signs of decline due to the constrained status of the wells.\no Q2 production rates from the remainder of the portfolio were in line with management expectations.\n \n· At the end of Q2, 231 wells in Zephyr's portfolio were available for production (versus 230 wells at the end of Q1).\n \n· Net working interests across the Zephyr portfolio currently average 7.1 per cent per well (equivalent to 16.3 net wells).\n \n· The Company hedged a total of 76,000 barrels of oil over Q2 and for the remainder of the year. 40,500 of these barrels are hedged at a price of US$80.91 per barrel of oil and the remainder have been hedged by way of financial collars which enable the Company to lock-in a minimum price for these barrels. Of the 35,500 financial collars, 26,600 will give the Company a minimum price of US$74 per barrel of oil with the rema...