LONDON (ShareCast) - (Sharecast News) - Oil and gas firm Zephyr Energy posted a strong year‑end update on Tuesday, with hydrocarbon output from its non‑operated portfolio rising to an average of 925 barrels of oil per day in the third quarter, up from 632 boepd in Q2.
Zephyr said the increase was driven by a $7.3m acquisition and the restart of production from six wells. It also said it had generated $1.14m from the sale of non‑core acreage and a further $1.5m from the disposal of small operated assets.

The AIM-listed group said it had extended its strategic partnership focused on non‑operated growth, which has committed $2.5m to date, and renewed its $15.15m revolving credit facility at a reduced interest rate of 8.99%, with $11m currently drawn.

Zephyr added that progress had continued at its Paradox project, including a framework agreement with Enbridge for pipeline interconnect services and the receipt of multiple marketing and funding proposals.

As of 0920 GMT, Zephyr shares were up 6.91% at 2.94p.







Reporting by Iain Gilbert at Sharecast.com

• News Channel