REG - Zephyr Energy PLC - AGM Statement and Salt Wash helium project update

Zephyr EnergyAnnouncement

31/07/2024 07:00

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RNS Number : 4866Y  Zephyr Energy PLC  31 July 2024

 

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.

 

 

 

 Contacts                                                       Tel: +44 (0)20 7225 4590

 Zephyr Energy plc

 Colin Harrington (CEO)

 Chris Eadie (Group Finance Director and Company Secretary)

 Allenby Capital Limited - AIM Nominated Adviser                Tel: +44 (0)20 3328 5656

 Jeremy Porter / Vivek Bhardwaj

 Turner Pope Investments - Joint-Broker                         Tel: +44 (0)20 3657 0050

 James Pope / Andy Thacker

 Panmure Liberum Limited - Joint-Broker                        Tel: +44 (0) 20 7886 2500

 Mark Murphy / Kieron Hodgson / James Sinclair-Ford

 Celicourt Communications - PR

 Mark Antelme / Felicity Winkles / Ali AlQahtani               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.

 

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