Zephyr Energy plc, the Rocky Mountain oil and gas company focused on responsible resource development, is pleased to announce its audited results for the year ended 31 December 2023.
Rick Grant, Zephyr's Non-Executive Chairman, said:
"I am pleased to present the Company's financial and operational results for the 2023 financial year, a period in which we continued to deliver as a cash-generating oil and gas exploration and production group.
"Despite facing a significant operational challenge during the year, we continued to make steady progress in our pursuit of unlocking the next prolific onshore U.S. oil and gas play.
"With a balanced portfolio of non-operated assets and an operated asset with asymmetric growth potential, our strategy is clear. Cashflows generated from our non-operated asset portfolio in the Williston Basin, North Dakota, will be recycled and reinvested to develop our flagship operated asset in the Paradox Basin, Utah, to acquire and to develop further non-operated assets, and to cover our corporate costs.
"I was delighted by the recent safe and successful drilling operation on the State 36-2R LNW-CC well and we are looking forward to the results from the forthcoming production test.
"I would like to extend my appreciation to the Zephyr team and our contractors for their ongoing work, and I would also like to extend my gratitude to my fellow Board members, leadership team, advisors and most importantly, our Shareholders for their continued support.
"We have an exciting period ahead of us and I believe, more than ever, that we have the pieces in place to enable us to deliver on our strategic objectives successfully."
Notice of AGM and posting of annual report
The Annual General Meeting of the Company (the "AGM") will be held at 11 a.m. on 31 July 2024 at the offices of Memery Crystal, 165 Fleet Street, London EC4A 2DY.
A copy of the Company's annual report and accounts, and the notice of AGM, will shortly be available on Zephyr's website, http://www.zephyrplc.com, and posted to Zephyr's Shareholders this week.
The Group's results and director statements, as extracted from the annual report and accounts, are set out further below.
