31 July 2024
Zephyr Energy plc
("Zephyr" or the "Company")
AGM Statement
and
Salt Wash helium project update
Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development and carbon-neutral operations, will hold its Annual General Meeting ("AGM") at 11am today, at the offices of Memery Crystal, 165 Fleet Street, London, EC4A 2DY.
At the AGM today, Rick Grant, Zephyr's Non-Executive Chairman, will make the following statement:
"We continue to make strong progress in pursuit of our primary goal of unlocking the next prolific onshore U.S. oil and gas play.
"Our operated upstream assets in the Paradox Basin offer asymmetric growth potential, growth which is funded by cashflows generated from our low-risk, high-margin non-operated interests in the Williston Basin. In the near-term, we will commence the next phase of our Paradox project operations on the State 36-2R LNW-CC well, and we look forward to keeping shareholders updated on progress over the coming weeks.
"In the meantime, I would like to extend my appreciation to the entire Zephyr team and our contractors for their ongoing hard work, and I would also like to extend my gratitude to my fellow Directors, leadership team, and advisers. Most importantly, I would like to give thanks to our shareholders for their continued support.
"We look forward to the future with a high degree of confidence. We have an exciting period ahead of us and I believe we have all the pieces in place to enable us to deliver on our strategic objectives successfully."
Salt Wash helium project update
The Company is also pleased to announce that the State of Utah's Department of Natural Resources has approved the Application for Permit to Drill for the proposed Salt Wash Field helium project.
Zephyr remains in conversations with multiple industry participants and other investors regarding the potential to fund the cost of the commitment well at the asset level, with the Company seeking to maximise value for shareholders.
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Contacts Zephyr Energy plc Colin Harrington (CEO) Chris Eadie (Group Finance Director and Company Secretary) |
Tel: +44 (0)20 7225 4590 |
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Allenby Capital Limited - AIM Nominated Adviser Jeremy Porter / Vivek Bhardwaj |
Tel: +44 (0)20 3328 5656 |
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Turner Pope Investments - Joint-Broker James Pope / Andy Thacker Panmure Liberum Limited - Joint-Broker Mark Murphy / Kieron Hodgson / James Sinclair-Ford Celicourt Communications - PR Mark Antelme / Felicity Winkles / Ali AlQahtani |
Tel: +44 (0)20 3657 0050 Tel: +44 (0) 20 7886 2500 Tel: +44 (0) 20 7770 6424 |
Notes to Editors
Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) is a technology-led oil and gas company focused on responsible resource development from carbon-neutral operations in the Rocky Mountain region of the United States. The Company's mission is rooted in two core values: to be responsible stewards of its investors' capital, and to be responsible stewards of the environment in which it works.
Zephyr's flagship asset is an operated 46,000-acre leaseholding located in the Paradox Basin, Utah, 25,000 acres of which has been assessed to hold, net to Zephyr, 2P reserves of 2.6 million barrels of oil equivalent ("mmboe"), 2C resources of 34 mmboe and 2U resources 270 mmboe.
In addition to its operated assets, the Company owns working interests in a broad portfolio of non-operated producing wells across the Williston Basin in North Dakota and Montana. Cash flow from the Williston production will be used to fund the planned Paradox Basin development. In addition, the Board will consider further opportunistic value-accretive acquisitions.