Zephyr Energy, the Rocky Mountain oil and gas company focused on responsible resource development and carbon-neutral operations, will hold its Annual General Meeting ('AGM') today.
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 has also announced 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.
Source: Zephyr Energy
