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Q3 2022 Williston Basin & Revenue Forecast Update
Q3 2022 Williston Basin & Revenue Forecast Update.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\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 \n \n \n \n \n 15 November 2022\n \n \n Zephyr Energy plc\n \n \n \n \n (\"Zephyr\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Third Quarter 2022 results from Williston Basin portfolio;\n \n \n \n \n 2022 revenue forecast upgraded; and Paradox project operations update\n \n \n \n \n \n \n \n \n \n \n \n Zephyr 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 third quarter 2022 (\"Q3\") results related to hydrocarbon production from its non-operated asset portfolio in the Williston Basin, North Dakota, U.S., and to provide an update on current operations on its project in the Paradox Basin, Utah, U.S. (the \"Paradox project\").\n \n \n \n \n \n \n Q3 2022 Williston Basin Highlights\n \n \n \n \n \n \n \n \n ·\n Q3 revenues\n totalled US$9.6 million net to Zephyr, giving Zephyr total revenues for the nine-months to 30 September 2022 of US$35.5 million.\n \n \n o \n Q3 sales volumes averaged circa 1,313 barrels of oil equivalent per day (\"boepd\").\n \n \n o \n Q3 wellhead production averaged circa 1,208 boepd net to Zephyr, in line with management expectations and marginally impacted by temporary shut-ins\n due to planned \"frac-protect\" procedures on existing wells while new nearby wells were completed.\n \n \n ·\n Q3 operating income was US$7.9 million (after taxes, lease operating expenses, realised hedging impacts, and gathering and marketing fees), giving Zephyr US$29.8 million operating income for the\n nine-months to 30 September 2022\n . \n \n \n ·\n Based on the strong cash flows from the Williston Basin portfolio to date, Zephyr has upgraded its full-year 2022 revenue forecast for the Company to a range of US$40-45 million (up from a previously announced range of US$35-40 million) and the Company reaffirms its 2022 full-year production forecast of 500,000 - 550,000\n barrels of oil equivalent (\"boe\").\n \n \n \n \n \n...