Energy News Today

Zephyr Energy Plc expects to complete North Dakota acquisition in January

“I am exceptionally proud of the company’s achievements in 2021 – it was a period of intense activity and tremendous progress,” said chief executive Colin Harrington.

Zephyr Energy Plc told investors that it expects its deal to acquire non-operated working interests in the Williston Basin, North Dakota, will now complete in January.

It comes amid ongoing disruption caused by the global pandemic, and in particular the rapid advance of the Omicron variant.

The company noted that despite the delay, it has made excellent progress towards securing the structured debt funding.

“The board prides itself on setting and meeting ambitious targets and deadlines for the company,” said chief executive Colin Harrington. “Unfortunately, the spread of the Omicron variant has made the delay to completion unavoidable, in spite of our best efforts to finalise the transaction prior to the commencement of the holiday period.

“While it is frustrating that completion won’t occur in the 2021 calendar year, we remain one hundred per cent. committed to the transaction and continue to believe that the assets being acquired will be a fantastic addition to our portfolio.”

Harrington added: “I am exceptionally proud of the company’s achievements in 2021 – it was a period of intense activity and tremendous progress, as Zephyr transformed from a single project exploration company into a self-sustaining, cash-generating, carbon-neutral oil and natural gas producer.”

The Zephyr boss noted that multiple exciting milestones were achieved at the Paradox project, in Utah, where the company is opening up a new hydraulically-stimulated resource play – with the company’s efforts recently culminating in a highly successful 23-day production test during which flowed higher than expected volumes of hydrocarbons and demonstrated much greater reserve potential than forecast.

At the same time, the company sourced and completed five separate acquisitions, he added, to create a growing portfolio of operated and non-operated production and growth assets.

“I’m particularly proud that we executed our strategy while staying directly in line with our mission to be responsible stewards of investors’ capital and responsible stewards of the environment in which we work,” Harrington said.

“As we approach the end of 2021, Zephyr is ideally positioned as a cash-generating platform with significant near-term growth potential, from which we aim to deliver substantial additional value for our Shareholders in 2022.” 

Read More: Zephyr Energy Plc expects to complete North Dakota acquisition in January

2021-12-20 02:18:00

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
%d bloggers like this: