Zephyr Energy has announced its audited results for the year ended 31 December 2024.
Rick Grant, Zephyr's Non-Executive Chairman, said:
'On behalf of the Company's Board of Directors, I am pleased to share the Company's results for the 2024 financial year, a period of continued progress as the Company works to unlock what we believe to be the next prolific onshore oil and gas play in the U.S. The results reflect the ongoing efforts and commitment of the Zephyr team, who are working to build a Company of which all stakeholders can be proud.
'During the period we have continued to deliver on our dual-strategy of building an income-generating non-operated asset portfolio in the Williston Basin, U.S. (the 'Williston project') in parallel with the pursuit of increased value through our development of the project in the Paradox basin, Utah, U.S. (the 'Paradox project').
'This is a pivotal time in the evolution of the Paradox project, and we believe that the fundamental pieces are in place to drive the project forward to first gas and commercial production. The Paradox project is on the cusp of realising its potential as a project of substantial scale, and we will be working tirelessly to deliver this value over the next period.
'On the Williston project, our recent fundraise will enable us to complete our proposed acquisition which is expected to be accretive to both earnings and reserves, as well as provide strategic entry into key areas and enhance our competitive position in core Rocky Mountain oil and gas producing basins.
'It is anticipated that there will be considerable newsflow as we progress through the next phase in our development and we look forward to keeping Shareholders updated on our progress.
'I would like to express my appreciation to our team for their dedication in helping us deliver on our vision. My thanks also go to my fellow Board members, the leadership team, our advisers, and, above all, our shareholders for their continued trust and support.
'The Board looks forward to the coming months with confidence, as we continue to open up the next prolific oil and gas basin in the U.S.'
Source: Zephyr Energy
