Operations update, warrant exercise and TVR change

Zephyr Energy PLC
14 May 2024

14 May 2024

Zephyr Energy plc

("Zephyr" or the "Company")


Operations update, exercise of warrants

and change to total voting rights


Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations, is pleased to provide an update on operations. In addition, Zephyr received a notice for the exercise of warrants in the Company.


State 36-2R well drilling operations update


Further to its announcement on 3 May 2024, the Company is pleased to report that operations on the State 36-2 LNW-CC-R well in the Paradox Basin, Utah continue to progress in line with expectations.  The 12-¼ inch intermediate section of the well was successfully drilled to the section total depth, after which 9 5/8-inch casing string was set and cemented in place. The current hole depth is 6,010 feet measured depth.  


The next phase of operations will involve drilling through the Paradox formation to the target Cane Creek reservoir zone. Drilling is planned to reach a total depth of 10,362 feet measured depth (9,600 feet true vertical depth) and will incorporate a short, 270-foot horizontal reservoir section. 


Williston project update


At the Company's non-operated asset portfolio in the Williston Basin, North Dakota, U.S. (the "Williston project"), hydrocarbon production in the first quarter of 2024 ("Q1") was in line with management's expectations. The Company expects to provide further details in a full Q1 update by the end of May 2024.


Exercise of Warrants


The Company received notice for the exercise of warrants to subscribe for 171,429 new ordinary shares of 0.1 pence each in the Company ("Ordinary Shares").  The warrants were issued in June 2023 and had an exercise price of 4.375 pence per new Ordinary Share, which generated proceeds of approximately £7,500 for the Company.


Application has been made to London Stock Exchange plc for the 171,429 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the new Ordinary Shares will commence on AIM at 8.00 a.m. on or around 16 May 2024.


Total Voting Rights


Upon Admission, the Company's issued share capital will consist of 1,750,719,020 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 1,750,719,020. With effect from Admission, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.


Zephyr Energy plc

Colin Harrington (CEO)

Chris Eadie (Group Finance Director)


 Tel: +44 (0)20 7225 4590

Allenby Capital Limited - AIM Nominated Adviser

Jeremy Porter / Vivek Bhardwaj


 Tel: +44 (0)20 3328 5656


Turner Pope Investments - Joint-Broker

James Pope / Andy Thacker 


Panmure Gordon (UK) Limited - Joint-Broker

Hugh Rich / James Sinclair-Ford


Celicourt Communications - PR

Mark Antelme / Felicity Winkles / Ali AlQahtani

 Tel: +44 (0)20 3657 0050



Tel: +44 (0) 20 7886 2500




Tel: +44 (0) 20 7770 6424

 Notes to Editors

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) is a technology-led oil and gas company focused on responsible resource development from carbon-neutral operations in the Rocky Mountain region of the United States.  The Company's mission is rooted in two core values: to be responsible stewards of its investors' capital, and to be responsible stewards of the environment in which it works.

Zephyr's flagship asset is an operated 46,000-acre leaseholding located in the Paradox Basin, Utah, 25,000 acres of which has been assessed to hold, net to Zephyr, 2P reserves of 2.6 million barrels of oil equivalent ("mmboe"), 2C resources of 34 mmboe and 2U resources 270 mmboe.

In addition to its operated assets, the Company owns working interests in a broad portfolio of non-operated producing wells across the Williston Basin in North Dakota and Montana. Cash flow from the Williston production will be used to fund the planned Paradox Basin development. In addition, the Board will consider further opportunistic value-accretive acquisitions. 

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.



This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
UK 100

Latest directors dealings