logo-loader
viewZephyr Energy PLC

Zephyr Energy expecting exciting developments over the coming months

“Zephyr is a clean, low-overhead, unlevered and value-focused vehicle from which to build," said chief executive Colin Harrington

Zephyr Energy PLC - Zephyr Energy expecting exciting developments over the coming months

Zephyr Energy PLC (LON:ZPHR) has told investors it expects to see exciting developments for its Paradox basin project over the coming months.

The company, formerly named Rose Petroleum, today released interim results for the six months ended June 30, 2020 – a period in which the company completed its restructuring and relaunch.

At the end of June, the company had US$400,000 of cash and equivalents. It noted that cash conservation remains a key priority of the board.

READ: Zephyr boosted as academics plan Paradox basin study

The company highlighted a strategy to grow the business through acquisition. It sees that strong financial returns can be generated from the highly fragmented smaller end of the US oil exploration and production sector.

Via the company relaunch, Zephyr said it has been positioned as a vehicle for this consolidation.

“Zephyr is a clean, low-overhead, unlevered and value-focused vehicle from which to build, with a strategy and value set designed to deliver responsible growth for all stakeholders,” Colin Harrington, the company's chief executive said in the results statement.

He added: "Over the coming months, we expect to see further exciting developments on our existing project in the Paradox Basin, Utah as well as the expansion of the group's asset portfolio through acquisitions or partnerships.”

The group's financial results for the period showed a US$900,000 net profit after tax from continuing operations, primarily resulting from unrealised foreign exchange differences that arose on the restatement of the company's loans to its subsidiaries. 

Quick facts: Zephyr Energy PLC

Price: 0.61 GBX

LSE:ZPHR
Market: LSE
Market Cap: £1.75 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Zephyr Energy PLC named herein, including the promotion by the Company of Zephyr Energy PLC in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Market report: FTSE bounces back along with UK housing market

The FTSE 100 opened upbeat this Wednesday following a strong performance over on Wallstreet. A short time ago it was up 74 points to 5936. British house prices leapt to an all-time high in August, according to Nationwide who recognised a sharp rebound in the country’s housing market...

on 2/9/20

2 min read