Zephyr Energy PLC (AIM: ZPHR, OTCQB: ZPHRF) announced that it has received approval for a drilling permit at its Salt Wash Field helium project in Utah.
The company is actively engaged in discussions with industry partners and investors to secure funding for the commitment well of the helium project.
In addition to this, Zephyr is progressing with its ‘play opening’ Paradox project, also located in Utah, while generating revenue from its portfolio of non-operated production wells in North Dakota.
Today, Zephyr holds its AGM, and in a statement ahead of the shareholder meeting, non-executive chair Rick Grant expressed a high degree of confidence for the future.
“We have an exciting period ahead of us, and I believe we have all the pieces in place to successfully deliver on our strategic objectives,” Grant emphasized.
He added, “We continue to make strong progress towards our primary goal of unlocking the next prolific onshore US oil and gas play.
“Our operated upstream assets in the Paradox Basin offer asymmetric growth potential, funded by cash flows generated from our low-risk, high-margin non-operated interests in the Williston Basin.
“In the near term, we will commence the next phase of our Paradox project operations on the State 36-2R LNW-CC well, and we look forward to keeping shareholders updated on our progress in the coming weeks.”
