Zephyr Energy reports strong interim results for H1 2024, driven by Williston Basin production
| Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) CEO Colin Harrington joined Steve Darling from Proactive to share the company’s unaudited interim results for the first half of 2024. During this period, Zephyr focused heavily on investing in its flagship Paradox Basin project in Utah, primarily drilling and testing the State 36-2R LN-CC well. This development aligns with the company’s strategy of using cash flow generated from its non-operated portfolio in the Williston Basin to fund ongoing operations and reinvestment efforts. The company reported revenue of $13.6 million for H1 2024, driven by production from the Williston project, with gross profit rising to $10.0 million. Zephyr’s non-operated production during the period averaged 1,239 barrels of oil equivalent per day, totaling 225,622 barrels. Harrington highlighted the company’s strong cash flow and high margins, which covered all general and administrative costs, finance expenses, and provided additional capital for further reinvestment. As of September 24th, Zephyr held cash balances of $1.3 million, positioning the company for continued development and growth in its core assets. |
