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US: Zephyr Energy provides operations update

14 May 2024

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Zephyr Energy, the Rocky Mountain oil and gas company, has provided an update on operations. In addition, Zephyr received a notice for the exercise of warrants in the Company.

State 36-2R well drilling operations update

Further to its announcement on 3 May 2024, the Company reports that operations on the State 36-2 LNW-CC-R well in the Paradox Basin, Utah continue to progress in line with expectations.  The 12-¼ inch intermediate section of the well was successfully drilled to the section total depth, after which 9 5/8-inch casing string was set and cemented in place. The current hole depth is 6,010 feet measured depth.  

The next phase of operations will involve drilling through the Paradox formation to the target Cane Creek reservoir zone. Drilling is planned to reach a total depth of 10,362 feet measured depth (9,600 feet true vertical depth) and will incorporate a short, 270-foot horizontal reservoir section. 

Williston project update

 At the Company's non-operated asset portfolio in the Williston Basin, North Dakota, U.S., hydrocarbon production in the first quarter of 2024 was in line with management's expectations. The Company expects to provide further details in a full Q1 update by the end of May 2024.

Exercise of Warrants

The Company received notice for the exercise of warrants to subscribe for 171,429 new ordinary shares of 0.1 pence each in the Company ("Ordinary Shares").  The warrants were issued in June 2023 and had an exercise price of 4.375 pence per new Ordinary Share, which generated proceeds of approximately £7,500 for the Company.

Application has been made to London Stock Exchange plc for the 171,429 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the new Ordinary Shares will commence on AIM at 8.00 a.m. on or around 16 May 2024.

Total Voting Rights

Upon Admission, the Company's issued share capital will consist of 1,750,719,020 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 1,750,719,020. With effect from Admission, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Original announcement link

Source: Zephyr Energy

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