This follows the issue and admission to trading on AIM of the 13,483,095 new ordinary shares of 0.1 pence each in the Company to satisfy the initial consideration for the Acquisition, as announced on 1 February 2023
Zephyr Energy announces completion of Paradox project acquisition. (Credit: John R Perry from Pixabay)
Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development and carbon-neutral operations, is pleased to announce the completion of its acquisition of the remaining 25 per cent. working-interest in the White Sands Unit in the Paradox Basin, Utah, U.S. (the “Acquisition”), details of which were announced on 21 December 2022. This follows the issue and admission to trading on AIM today of the 13,483,095 new ordinary shares of 0.1 pence each in the Company to satisfy the initial consideration for the Acquisition, as announced on 1 February 2023.
Colin Harrington, Zephyr’s Chief Executive, said: “I am delighted to announce the completion of the Acquisition which, I believe, represents a substantial building-block for the Company’s future development and growth.
“The Acquisition is immediately accretive to our shareholders, given the increase in the Company’s reserves and resources, and provides the Company with increased flexibility and optionality in terms of the future development of our Paradox assets.
“I would particularly like to thank the vendor, Rockies Standard Oil Company LLC, for their long term support and partnership over the years. We welcome them onto our share register where they will remain positioned to participate in the existing and future potential value of the Paradox project.”
Source: Company Press Release