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Q2 Williston Basin & State 36-2 LNW-CC Update
Q2 Williston Basin & State 36-2 LNW-CC Update.
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.\n15 August 2023\nZephyr Energy plc\n(\"Zephyr\" or the \"Company\")\nSecond Quarter 2023 Williston Basin results;\nParadox acreage acquisition;\nState 36-2 LNW-CC well work continues\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 initial second quarter 2023 (\"Q2\") results related to hydrocarbon production and cashflows from its non-operated asset portfolio in the Williston Basin, North Dakota, U.S (the \"Williston project\"), and an update on its flagship project in the Paradox Basin, Utah, U.S (the \"Paradox project\").\n Q2 Williston Basin Highlights\n· Quarterly revenues totaled US$7.1 million, net to Zephyr, compared to first quarter 2023 (\"Q1\") revenues of US$6.3 million (subject to audit).\n \n· Q2 operating income was US$4.2 million (after taxes, lease operating expenses, realised hedging impacts, and gathering and marketing fees), compared to Q1 operating income of US$5.7 million. \n \n· Q2 sales volumes averaged 1,385 barrels of oil equivalent per day (\"boepd\") compared to Q1 sales volumes average of 1,093 boepd.\n \n· At 30 June 2023, 223 wells in the portfolio were available for production.\no Net working interests across the Company portfolio now average 7% per well, equivalent to 15.1 gross wells in total, all of which utilised horizontal drilling and modern, hydraulically stimulated completions.\n \n· The recently acquired Slawson Exploration (\"Slawson\") operated wellbore interests (as announced on 21 December 2022) are fully drilled and completed. Production from these working interests is forecast to be online by October 2023 following completion of surface facilities on the well pad. The Company will provide an update in relation to FY 2023 production guidance when those wells are brought online.\n \n· The Company has received no...