Business
Q4 & FY 22 results from Williston Basin portfolio
Q4 & FY 22 results from Williston Basin portfolio.
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 February 2023\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 Fourth Quarter and FY 2022 results from Williston Basin portfolio\n \n \n \n \n Year-on-year revenue growth in excess of 600%\n \n \n \n \n Year-on-year production growth of over 500%\n \n \n \n \n FY 2023 production guidance reaffirmed\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 initial fourth quarter 2022 (\"Q4\") and full-year 2022 (\"FY 2022\") results related to hydrocarbon production and cashflows from its non-operated asset portfolio in the Williston Basin, North Dakota, U.S (the \"Williston project\").\n \n \n \n \n \n \n Q4 2022 and FY 2022 Williston Basin Highlights\n \n \n \n \n \n \n \n \n ·\n Q4 revenues\n totalled US$7.4 million, net to Zephyr, giving the Company total expected revenues for FY 2022 of US$42.9 million (subject to audit) - representing a seven-fold increase\n over full-year 2021 (\"FY 2021\") revenues of US$6 million and in excess of Zephyr's initial public guidance for FY 2022 revenues of US$35-US$40 million.\n \n \n \n \n \n ·\n Q4\n sales volumes averaged 1,192 barrels of oil equivalent per day (\"boepd\"),\n giving the Company total sales\n for FY 2022 of 543,948 barrels of oil equivalent (\"boe\") - at the high end of the range of Zephyr's guidance for FY 2022 sales and representing more than a six-fold increase from FY 2021 sales of 88,037 boe.\n \n \n o \n FY\n 2022 sales volumes averaged 1,490 boepd compared to the FY 2021 sales volumes average of 263 boepd.\n \n \n o \n The Company hedged 171,000 barrels of oil in FY 2022 at a weighted-average price of US$98.04 per barrel of oil.\n \n \n \n \n \n ·\n Q4 operating income was US$6.3 million (after taxes, lease operating expenses, realised hedging impacts, and gathering and marketing fees). Ope...