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Highlights
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Zephyr Energy PLC reported revenue of $13.6 million for the first half of 2024, primarily from its non-operated portfolio in the Williston Basin.
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The company achieved a gross profit of $10.0 million, with average non-operated production of 1,239 barrels of oil equivalent per day.
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As of September 24, Zephyr maintained cash balances of $1.3 million, supporting ongoing development efforts in its Paradox Basin project.
Article
Zephyr Energy PLC {OTC:ZPHRF} CEO Colin Harrington recently discussed the company’s unaudited interim results for the first half of 2024 with Proactive. During this period, Zephyr concentrated on advancing its flagship Paradox Basin project in Utah, notably drilling and testing the State 36-2R LN-CC well. This focus is part of the company’s broader strategy to utilize cash flow generated from its non-operated portfolio in the Williston Basin to fund ongoing operations and reinvestment activities.
For H1 2024, Zephyr reported revenue of $13.6 million, driven primarily by production from its Williston project. The company achieved a gross profit of $10.0 million, reflecting robust operational performance. Non-operated production averaged 1,239 barrels of oil equivalent per day, totaling 225,622 barrels for the period. Harrington emphasized the strength of the company’s cash flow and high margins, which effectively covered all general and administrative costs, as well as finance expenses, while also providing capital for further reinvestment.
As of September 24, Zephyr Energy held cash balances of $1.3 million, positioning the company well for continued development and growth in its core assets. With a strategic focus on enhancing its portfolio and leveraging cash flow, Zephyr is poised for further advancement in the competitive energy sector.
