Zephyr Energy PLC (AIM: ZPHR) has announced that today, November 1, six wells operated by Slawson Exploration in the Williston Basin, North Dakota, will commence production.
Nearly a year ago, Zephyr secured working interests ranging from 11% to 32% in these wells, with an estimated net 2P reserves totalling 550,000 barrels of oil equivalent.
Furthermore, Zephyr reported the completion of the semi-annual reassessment of its revolving credit facility (RCF), conducted by its primary lender, First International Bank and Trust (FIBT) based in North Dakota. This process affirmed the currently available amounts.
The borrowing base has been maintained at US$13 million, matching the current drawn level, according to Zephyr.
In addition to the RCF, as of October 31, 2023, Zephyr reported having an additional US$11.7 million in outstanding borrowings on its amortizing senior bank term loan with FIBT, a decrease from US$15.8 million the previous year.
It is important to note that the new production from Slawson was not assigned any value during the redetermination process.
Investor Webinar
The Company will be presenting an investor webinar today at 5.30 pm (U.K. local time) to provide an update on Zephyr’s activities. You can register for the event by using the following link: https://www.turnerpope.com/register/
