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Zephyr Energy ( (GB:ZPHR) ) has shared an update.
Zephyr Energy has secured full funding for drilling and testing operations at its Paradox project in Utah, raising the amount to $7.5 million from a U.S.-based investor for a 50% non-operated interest in the well. This strategic move, without issuing equity or debt, allows Zephyr to maintain operational control and flexibility for future development, while potentially accelerating growth and value realization from its Paradox Basin assets. The company plans to begin drilling operations in January 2025 with production test results expected in the first quarter, highlighting an active start to the new year.
More about Zephyr Energy
Zephyr Energy plc is a technology-led oil and gas company operating in the Rocky Mountain region of the United States. The company focuses on responsible resource development and carbon-neutral operations. Its flagship asset is a 46,000-acre leaseholding in the Paradox Basin, Utah, with significant reserves and resources. Zephyr also holds interests in non-operated producing wells in the Williston Basin, using cash flow from there to fund Paradox Basin development.
YTD Price Performance: 1.85%
Average Trading Volume: 2,835,788
Technical Sentiment Consensus Rating: Strong Buy
Current Market Cap: £48.14M
For an in-depth examination of ZPHR stock, go to TipRanks’ Stock Analysis page.
