Zephyr Energy PLC Completion of acquisition in the Bakken Formation (2202U)
April 01 2021 - 2:00AM
UK Regulatory
TIDMZPHR
RNS Number : 2202U
Zephyr Energy PLC
01 April 2021
1 April 2021
Zephyr Energy plc
(the "Company" or "Zephyr")
Completion of acquisition of oil producing interests in the
Bakken Formation, USA
Zephyr Energy plc (AIM: ZPHR), the Rocky Mountain oil and gas
company focused on responsible resource development, is pleased to
announce the completion of its acquisition of non-operated working
interests in currently producing and near-term production wells in
the Bakken Formation, North Dakota, USA (the "Acquisition" or the
"Bakken project"), as announced on 29 March 2021.
All conditions of the Acquisition were satisfied yesterday,
including the transfer of title of the Bakken Interests to Zephyr
and the release of the Operator liens, and all payments due in
respect of the Acquisition have also been made, including payment
of approximately $3.7 million for historical capital expenditure
obligations and $300,000 to the Seller ($50,000 having already been
paid in a non-refundable deposit).
Following the completion of the Acquisition and the subsequent
release of the liens, the Company is now an oil-producer and first
production payments associated with the currently producing well in
the Bakken project are expected to be received by Zephyr at the end
of April 2021. Completion of the other four wells in the Bakken
project is expected in May, and the Company will keep Shareholders
updated on progress.
Details of the Acquisition, and the corresponding Placing, were
announced by Zephyr on 29 March 2021, and defined terms used in
this announcement have the same meaning as those set out in that
announcement.
The second tranche of the Placing of GBP6 million is
conditional, inter alia, on the approval by the Company's
Shareholders of resolutions to be proposed at the General Meeting
on 16 April 2021, notice of which was sent to Shareholders in a
Circular on 30 March 2021 and is available on the Company's
website.
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 / Zoe Alexander 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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