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Zephyr Energy reports strong fourth quarter with production increase and positive outlook

2024-03-08

NYSE - New York Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · United States · Production & Operations

(NewsDirect)

Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) CEO Colin Harrington provides an update on the company's fourth-quarter production and future plans in an interview with Proactive London's Stephen Gunnion.

Harrington highlighted a 7% increase in average production across the quarter, with significant contributions from the new Slawson wells despite temporary curtailments. Revenues also rose during the quarter, despite softer oil prices and operational challenges.

The company successfully navigated extreme cold temperatures at Williston over the winter, which had shut down over half the basin at one point and resulted in temporary curtailments at the Lawson site.

Looking ahead, Harrington discussed the positive performance of two new wells, contributing to expected strong results for the first quarter.

Zephyr Energy has also adjusted its reporting method to provide more timely and consistent information by moving to two-phase data reporting (oil and gas production) quarterly, with a detailed three-phase analysis annually.

Additionally, Harrington elaborated on the company's preparations for an upcoming drill in the Paradox basin, including the completion of an intensive planning process and the finalisation of rig contracts. The company anticipates drilling in the near term and is preparing the site for operation.

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