Zephyr Energy CEO on share placing, Paradox progress and $7.3m Rocky Mountain deal

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1d ago 8:59

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Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) CEO Colin Harrington talked with Proactive's Stephen Gunnion about the company’s oversubscribed £10.5 million equity raise, strategic acquisition in the Rocky Mountains, and the future development of its Paradox Basin assets. Harrington outlined the rationale for the oversubscribed equity raise, emphasising the alignment with multiple catalysts, including a strong Paradox well result, a significant commitment from a US investor to support Williston drilling, and the acquisition of synergistic assets. He confirmed, “Every single member of the board, every single member of the senior management team has contributed into this raise, to almost $1 million of capital.” The $7.3 million Rocky Mountain acquisition is expected to deliver immediate cash flow and production growth. The assets produce around 400 barrels per day with low decline and are operated by known firms like EOG and Continental. The deal also brings forward 13 new well proposals, which will be funded through a private equity partner. On the Paradox Basin, Harrington said capital from the raise would go toward infrastructure and workovers aimed at bringing the wells into production. He noted potential third-party interest in gas offtake, including cryptocurrency miners and CNG users. A competent person's report (CPR) is underway, and the company is starting partnership discussions to accelerate development. Harrington addressed market rumours regarding asset impairments, clarifying that the anticipated write-down is a non-cash accounting adjustment unrelated to bank debt. Visit Proactive's YouTube channel for more videos. Don’t forget to give the video a like, subscribe to the channel, and enable notifications for future content. #ZephyrEnergy #OilAndGas #EnergyInvestment #RockyMountainAcquisition #ParadoxBasin #WillistonDrilling #EquityRaise #EnergyStocks #NaturalGas #OilProduction

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