 confirmed on Wednesday that it reached an agreement for further investments in the Williston Basin, North Dakota.){kind=link}
Zephyr will finish year having ‘exceeded expectations’ says CEO
Zephyr Energy (LON:ZPHR) confirmed on Wednesday that it reached an agreement for further investments in the Williston Basin, North Dakota.
The technology-led exploration & production company also revealed its plans to increase its working interests via a deal with Purified Resource Partners.
Zephyr Energy presently holds minority interests in seven non-operated production wells in the Williston Basin and has grown its portfolio through two further acquisitions.
Production from the seven wells was, net to Zephyr, 509 barrels of oil equivalent per day during August 2021.
Four of the wells continue to be brought into full production, with oil production still rising, water cuts reducing and stable gas oil ratios.
Zephyr’s first acquisition purchased 72.5 net acres, resulting in an average 5.6% working interest in four drilled but uncompleted wells operated by Prima Exploration Inc. which target production from the Middle Bakken reservoir in Richland County, Montana, U.S.
The second acquisition purchased an average 3.1% WI in 11 wells (one currently being drilled and 10 DUC wells) operated by Whiting Petroleum Corporation (“Whiting”), all of which target the Middle Bakken reservoir in Mountrail County, North Dakota.
Colin Harrington, Chief Executive of Zephyr, said: “While the safe and successful completion of the State 16-2 LN-CC well on our Paradox project remains the Company’s top priority, I’m delighted to report continued progress and significant growth on the non-operated side of our business.”
“As we outlined to Shareholders in January, Zephyr’s key goal for 2021 was to establish production and positive cash flow – either through our existing portfolio, via acquisition, or through a combination of both. We will end 2021 having significantly exceeded my expectations,” Harrington added.
The Zephyr Energy share price is down by 0.92% on Wednesday morning.