Zephyr Energy PLC Paradox project update (7783D)
March 07 2022 - 2:00AM
UK Regulatory
TIDMZPHR
RNS Number : 7783D
Zephyr Energy PLC
07 March 2022
7 March 2022
Zephyr Energy plc
(the "Company" or "Zephyr")
Paradox project update
Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain
oil and gas company focused on responsible resource development
from carbon-neutral operations, provides an update on its flagship
project in the Paradox Basin, Utah, U.S (the "Paradox
project").
Further to the Company's announcements of 8 December 2021 and 26
January 2022, Sproule International ("Sproule"), a leading
independent global energy consulting and advisory firm, is
continuing its work on the Paradox project Competent Persons Report
("CPR") as commissioned by the Company.
While Sproule continues to work diligently to deliver the CPR, a
number of factors, including the large scope of the CPR and the
significant increase in activity in the North American oil and gas
sector, have led to a short delay to the delivery timeframe
previously envisioned. The Company expects to receive the CPR in
the coming weeks, and will publish it as soon as practicable upon
delivery from Sproule. A further announcement will be made once the
CPR is available.
Colin Harrington, Chief Executive of Zephyr, said : "Many
factors have contributed to the CPR taking slightly longer than
originally anticipated, but we do expect to receive the report from
Sproule within the next few weeks. More importantly, we are excited
about the detail and analysis provided to Sproule and have
appreciated their thoughtful collaboration with our technical team
to date. We look forward to updating the market on Sproule's
completed evaluation, and on multiple additional fronts, over the
coming few weeks."
Contacts:
Zephyr Energy plc Tel: +44 (0)20 7225
Colin Harrington (CEO) 4590
Chris Eadie (CFO)
Allenby Capital Limited - AIM Nominated Tel: +44 (0)20 3328
Adviser 5656
Jeremy Porter / Liz Kirchner
Turner Pope Investments - Broker Tel: +44 (0)20 3657
Andy Thacker / James Pope 0050
Flagstaff Strategic and Investor Communications
Tim Thompson / Mark Edwards / Fergus Tel: +44 (0) 20 7129
Mellon 1474
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END
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