Zephyr Energy receives funding for Paradox project drilling
Summary
Zephyr Energy PLC - Rocky Mountain region-focused oil and gas company that aims for responsible resource development and carbon-neutral operations - Says it has now received USD7.5 million in funding to drill an extended lateral from its existing State 36-2 LNW-CC-R wellbore at the Paradox project in Utah, further to its December 18 announcement that this funding had been increased by USD500,000 from the initial estimated amount of USD7.0 million.The funds were secured from an unnamed US-based industry investor in exchange for a 50% non-operated stake in the single well. Going forwards, the wellbore investor will cover its pro rata position of the wells operating and overhead costs, and net revenues will be split evenly between Zephyr and the investor from the time of first production. Zephyr expects drilling to begin in January.Current stock price: 2.98 pence, down 0.7% in London on Tuesday morning