Zephyr Energy PLC AGM Statement (1763T)
21 7월 2022 - 3:00PM
UK Regulatory
TIDMZPHR
RNS Number : 1763T
Zephyr Energy PLC
21 July 2022
21 July 2022
Zephyr Energy plc ("Zephyr" or the "Company")
AGM Statement
Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain
oil and gas company focused on responsible resource development
from carbon-neutral operations, will hold its Annual General
Meeting ("AGM") at 10am BST today, at the offices of Zephyr Energy
plc, First Floor, Newmarket House, Market Street, Newbury,
Berkshire, RG14 5DP.
Ahead of the AGM today, Rick Grant, Zephyr's Non-Executive
Chairman, has made the following statement:
"The past year has been a period of substantial growth for
Zephyr which has seen the Company transform into a carbon neutral,
cash generative, self-sustaining oil production company with a
balanced portfolio of both operated and non-operated assets located
in two established oil producing basins in the U.S.
We continue to make sustained progress on our stated mission -
to open up the next prolific onshore U.S. oil and gas play. To this
end, we have added value through initial drilling success at our
flagship operated Paradox project in Utah, U.S., culminating in
defining the first project reserves and significantly increasing
both the contingent and prospective resources, while simultaneously
highlighting the scale and future production potential of the
project. We aim to materially increase the project reserves when we
target undertaking extended production testing from our State
16-2LN-CC well by the end of September 2022 and through our three
well drilling programme which is expected to commence in the second
half of 2022 and for which detailed planning has long been
underway.
In addition to our operated Paradox project, we are producing
significant levels of cash flow from our non-operated Williston
Basin assets in North Dakota, U.S. ("Williston project"). First
quarter 2022 ("Q1") revenues from the portfolio totalled US$11.5m,
generated from an average of 1,600 barrels of oil equivalent per
day, net to Zephyr, at an average sales price for the oil of
US$90.11 per barrel. Q1 operating cash flow (net of royalty, tax
and operating expenditure) was US$9.8 million, which demonstrates
the high profit margin realised from the hydrocarbons sold during
the period. Today, we reiterate our previous full-year 2022 revenue
forecast of US$35-40 million, which is based on a forecast
production range of 500,000 - 550,000 barrels of oil equivalent for
the year. We also continue to evaluate opportunistic acquisitions
to further grow our production portfolio during 2022 and
beyond.
Importantly, even through this period of significant production
and cashflow growth, the Company will always strive to operate
within our core values of being responsible stewards of both our
investors' capital and of the environment in which we operate. We
believe that we are ideally positioned to deliver on our stated
strategy and we look forward to keeping the market updated as the
Paradox drilling programme commences, alongside other
milestones.
On behalf of the Board, I would like to thank everyone within
Zephyr for their unswerving hard work and commitment during this
transformational period. I would also like to extend my heartfelt
gratitude to our Shareholders and advisers for their continued
support.
Due to the achievements of 2021, we look to the future with a
high degree of confidence and excitement as we continue our pursuit
of building a group of which all our stakeholders can be
proud."
Williston production and sales update
The Company expects to update the market on second quarter 2022
production and sales volumes from its Williston non-operated
portfolio in early August 2022. Going forward, and given the timing
of the provision of production and sales data to Zephyr from the
well operators, the Company intends to provide quarterly updates on
its non-operated portfolio performance with updates published
within 45 days of the relevant quarter end.
Contacts:
Zephyr Energy plc Tel: +44 (0)20 7225
Colin Harrington (CEO) 4590
Chris Eadie (CFO)
Allenby Capital Limited - AIM Nominated Tel: +44 (0)20 3328
Adviser 5656
Jeremy Porter / Liz Kirchner / Vivek
Bhardwaj
Turner Pope Investments - Broker Tel: +44 (0)20 3657
James Pope / Andy Thacker 0050
Celicourt Communications
Mark Antelme / Felicity Winkles Tel: +44 (0) 20 8434
2643
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END
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