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(ROSE) Rose Petroleum-General Share Chat

Discussion in 'General Share Chat (ROSE)' started by Azrael, Apr 12, 2016.

  1. Groucho

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  2. Groucho

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  3. Groucho

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  5. Groucho

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    www.malcysblog.com/2022/04/oil-price-diversified-energy-chariot-egdon-union-jack-and-finally/

    The combined Paradox Basin and Williston total 2P proved reserves on an NPV-10 basis of over $111m is huge and given that it comes with potential for ‘many multiples of added value of potential upside’ and that the management plan to increase reserves and resources within a year their confidence is high. Indeed the fact that Sproule have given Zephyr the OK to book as proved reserves from the State 16-2 well should confirm that.

    Given the time differences I havent yet had an opportunity to speak to Colin so I may add further comments in due course but there is no doubt that this is an exceptional CPR which makes it more surprising that the share price has fallen this morning.

    Investors who have followed this story closely know that it is backboned by what I consider to be a very high quality management team who have put together a company based on firstly a plan for the Paradox which worked and then skilful addition of production in order to fund the drilling programme.

    The shares at today’s 7p are a steal and I must get Colin in front of a camera shortly…
     
  6. Groucho

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    Malcolm Graham-Wood speaks with Colin Harrington, CEO of Zephyr Energy
     
  7. Groucho

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    6 May 2022

    Zephyr Energy plc

    ("Zephyr" or the "Company")



    Investor Webinar


    Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations, is pleased to announce that Colin Harrington, the Company's Chief Executive Officer, will be presenting at a Turner Pope Investments / Vox Markets webinar evening taking place on Thursday, 12 May, commencing at 5:30pm.

    The purpose of the webinar is to present highlights from the recent Competent Persons Report on Zephyr's flagship asset in the Paradox Basin, U.S., and to outline future development plans for the project. Colin will also discuss the recent performance of the Company's cash-generative non-operated asset portfolio. There will be a Q&A session for investors after the presentation. Questions can be submitted pre-event to zephyr@celicourt.uk; in addition, questions can be submitted during the live event.

    While the Company will not be able to answer every question it receives, it will address the most prominent within the confines of information already disclosed to the market through regulatory notifications.

    To register for the event please visit the following link: https://us02web.zoom.us/webinar/register/WN_-3-IjCdfRIqYT1iX5MXXJQ
     
  8. Groucho

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  9. Groucho

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  10. Groucho

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  11. Groucho

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  12. Groucho

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    Screenshot_20220609_170944.jpg

    ExxonMobil, the top oil and gas producer in the U.S., is piloting a project to mine bitcoin in North Dakota, according to people with knowledge of the matter.

    For over a year, Exxon has been working with Crusoe Energy Systems, a company based in Denver, said the people who asked not to be named because details of the project are confidential. Crusoe’s technology helps oil companies turn wasted energy, or flare gas, into a useful resource.

    Similar to ConocoPhillipsmining scheme in North Dakota’s Bakken region, Exxon is diverting natural gas that would otherwise be burned off into generators, which convert the gas into electricity used to power shipping containers full of thousands of bitcoin miners. Exxon launched the pilot in late January 2021 and expanded its buildout in July.

    While Exxon hasn’t talked publicly about its work in the space, Eric Obrock, a 10-year veteran at the company, said on his LinkedIn profile that from February 2019 to January 2022, he “proposed and led the first successful commercial and technical demonstration of using Bitcoin Proof-of-Work mining as a viable alternative to natural gas flaring in the oil patch.”

    Obrock’s title on his profile is NGL industry outlook advisor, referring to the natural gas liquids market. Obrock told CNBC through a LinkedIn message that he’s been advised that he can’t speak to the media on this topic. Exxon didn’t respond to a request for comment.

    Exxon’s bitcoin project isn’t really about making money from the cryptocurrency. Rather, the company has pledged to reduce emissions as part of an industrywide effort to meet higher environmental demands. In early March, Exxon joined other oil companies in committing to the World Bank’s “Zero Routine Flaring by 2030” initiative introduced in 2015.

    The type of crypto mining arrangement it’s pursuing with Crusoe reduces CO2-equivalent emissions by about 63% compared with continued flaring.

    Exxon’s bitcoin mining work in North Dakota was first reported by Bloomberg, which said the company is also considering similar pilots in Alaska, the Qua Iboe Terminal in Nigeria, Argentina’s Vaca Muerta shale field, Guyana and Germany.

    Permits from North Dakota’s Division of Air Quality show Crusoe can run 20 portable engines, with 11 currently in use at well sites across the state. Two of the engines are operational at wells run by XTO Energy, Exxon’s oil and gas fracking subsidiary, at the Jorgenson Deep Creek Site. Cavness said most of Crusoe’s 80-plus data centers are deployed in the Bakken.

    “We’re really moving the needle on flared volumes,” Cavness said. “More than 10 million cubic feet of gas per day that would be flared is not flared because we’ve deployed our systems.”

    The World Bank, in its most recent Global Gas Flaring Reduction Partnership report, recognized Crusoe as offering an innovative solution to flaring.

    https://www.cnbc.com/2022/03/26/exx...soe-energy-in-north-dakota-bakken-region.html
     
  13. Groucho

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    16 June 2022

    Zephyr Energy plc

    ("Zephyr" or the "Company")


    Non-operated asset portfolio drilling update:

    acquisition of further Williston Basin working-interests


    Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations, is pleased to provide an update on recent activity on its non-operated asset portfolio in the Williston Basin, North Dakota, U.S (the "non-operated portfolio"), including the acquisition of working-interests ("WIs") in a further 11 wells.

    Zephyr's non-operated portfolio now consists of WIs in 219 wells, the vast majority of which are currently in production.


    Highlights

    · Zephyr's non-operated portfolio continues to grow, both through drilling on existing Zephyr acreage and through the acquisition of further "bolt-on" WIs in the Williston Basin.

    · Over the past two months, Zephyr elected to participate in seven new Sanish Field infill wells to be drilled within drilling and spacing units ("DSUs") in which Zephyr currently holds WIs.

    · Zephyr has also acquired WIs in a further 11 wells (these, together with the seven Sanish Field wells, the "new wells"), a majority of which have already been drilled and are awaiting completion.

    o Total consideration for the 11 acquired wells is circa US$301,000, which has been paid from existing cash resources

    · Zephyr's average WI across the 18 new wells is circa 1.4% per well, or a total aggregate of circa 24.4% of one net well, and are comprised of two and three-mile hydraulically stimulated horizontal wells.

    · In addition to the acquisition price paid for the newly acquired 11 wells, Zephyr will fund the discretionary net capital expenditure ("CAPEX") relating to the drilling and completion for all 18 of the new wells. Zephyr's net CAPEX is forecasted to be circa US$1.8 million which will be payable over the course of 2022, and the Board expects to fund this investment from its existing cash resources.

    · The Company expects all 18 of the new wells to be on production by the end 2022, resulting in an estimated 80,000 barrels of oil equivalent ("boe") reserve addition to Zephyr.

    · The 18 new wells are expected to generate an incremental 200-250 barrels of oil equivalent per day ("boepd"), although wells will be brought online at varying points over the second half of 2022. This incremental production will serve to offset typical decline in Zephyr's existing producing wells.

    · Zephyr now has working interests in 219 gross horizontal, hydraulically stimulated wells (circa 15 net wells) with an average WI of circa 6.7% across its portfolio.


    Further information on the new wells is outlined below.


    Colin Harrington, Zephyr's Chief Executive, said: "Cashflows from Zephyr's non-operated portfolio continue to exceed earlier expectations, which allows us to fund additional accretive drilling investments and maintain a strong non-operated production profile without diverting resources from our planned Paradox Basin drilling programme.

    "The acquisitions announced today are an excellent incremental addition to our non-operated portfolio, are located in prime acreage and fit nicely alongside the continued infill drilling by Whiting on Zephyr's existing Sanish Field acreage.

    "It remains our intention to fortify our non-operated production through continued drilling participation as well the opportunistic acquisition of quality assets. Today's announcement demonstrates Zephyr's continuing capacity to grow our underlying asset value, which will in turn provide more resources for the long-term organic development of our Paradox project.

    "We look forward to giving a detailed production update and revised forecasts after second quarter sales figures are received."



    Drilling within the existing non-operated portfolio

    Zephyr's current Williston Basin portfolio continues to provide organic growth opportunities by way of an active drilling programme on acreage in which Zephyr has existing leaseholder interests:

    · Over the last two months, Zephyr elected to participate in seven infill well proposals within the Sanish Field, where the operator, Whiting Petroleum Corporation ("Whiting") continued to pursue an active infill drilling programme. Production from the new infill wells is expected to be online during the second half of 2022.


    Acquisition of additional WIs

    · Zephyr recently acquired non-operated WIs in a further 11 wellbores, all located within highly productive areas of the Williston Basin.

    o A majority of these newly acquired wells have been drilled and are awaiting completion, with the remainder to be drilled over the next six months. They are all expected to add to Zephyr's non-operated production during the second half of 2022.

    o These "bolt-on interests" are considered by the Board to be highly economic, opportunistic acquisitions, at a time when commodity pricing remains strong but drilling and acquisition costs remain favourable versus market comparables.

    o Total consideration for the new acquisitions is circa US$301,000, which has been paid for from the Company's existing cash resources

    o Operators in the newly acquired wells include Kraken Oil and Gas LLC and Bowline Energy LLC.

    In addition to the acquisition price paid for the newly acquired 11 wells, Zephyr will fund the CAPEX relating to the drilling and completion for all 18 of the new wells. Zephyr's net CAPEX is forecast to be circa US$1.8 million and the Board expects to fund this from its existing cash resources.

    Overall, Zephyr's average WI across the 18 new and acquired wells is circa 1.4% per well, or a total aggregate of circa 24.4% of a net well. Zephyr now has interests in 219 wells, the vast majority of which are currently on production.


    Zephyr's non-operated portfolio averaged 1,600 boepd in the first quarter of 2022. Updated production and revenue totals, as well as revised forecasts, will be provided after 2Q 2022 revenue totals and pricing data are received from our Operators.
     
  14. Groucho

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    This is a no-brainer of a deal and should have led to a decent rise in the share price, after all this is like a reverse profits warning or an effective earnings upgrade of some substance. Imagine the situation at Zephyr with the planned big programme of drilling at the Paradox project already funded and cash flows coming in better than expected from the non-operated programme to use.

    These higher than expected returns have been used to ‘fund additional accretive drilling investments’ which can only benefit shareholders. I am fully aware that world markets are hardly inspiring fresh investments but to dip the stock on this excellent news is not just ludicrous but plain nuts.

    The Zephyr share price has come back in recent months on the back of what has been good news across the board even if some commentators and even investors may have misread the runes. I am hoping to speak to Colin Harrington shortly and unravel any misconceptions in the market, at 4.15p Zephyr like a number of high quality plays in the sector, Zephyr is a lay down certainty, not often something you can say…

    https://www.malcysblog.com/2022/06/...boat-harbour-hurricane-president-and-finally/
     
  15. Groucho

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    Interview with Harry Walsh - Investment Director of Tyndall Investment Management - with 9% position in Zephyr - 5+ mins coverage - from 13:45 onwards - very positive......
     
  16. Groucho

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    23 June 2022

    Zephyr Energy plc

    ("Zephyr" or the "Company")


    Full Year Results for the year ended 31 December 2021

    Notice of AGM

    Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations, is pleased to announce its audited results for the year ended 31 December 2021.

    Highlights

    A transformational period in which Zephyr evolved from a single project exploration company into a self-sustaining, cash generating, oil producing group with a balanced portfolio of operated and non-operated assets in two established U.S. oil producing basins.

    Paradox Project, Utah, U.S. (operated asset)

    · First flowing hydrocarbons from the Company's State 16-2 LN-CC well, a historical and operational milestone after many years of investment in the project.

    · Sproule completed Competent Persons Report ("CPR") which highlighted the scale and resource potential of the project:

    o 2P Reserves: First Paradox Basin Proved Reserves of 2.1 million barrels of oil equivalent ("boe")

    o 2C Resources: 27 million boe

    o Prospective resources from overlying reservoirs: 203 million net unrisked boe (68 million boe risked with a weighted-average 33% chance of success)

    · Preparations are well underway for the commencement of a high impact three-well drilling programme to further delineate the scale of the project.

    Williston Basin, North Dakota, U.S. (non-operated assets)

    · Following the completion of several discrete acquisitions, the Company now has a cash-generative non-operated portfolio with working-interests in 219 wells in the Williston Basin, North Dakota, U.S.

    · First quarter 2022 sales from the portfolio were over 1,600 barrels of oil equivalent per day (net to Zephyr) with corresponding revenues of US$11.5 million.

    · Non-operated portfolio expected to have turnover of US$35-40 million in 2022, providing significant operating cash flow available for reinvestment into the Paradox project development.

    Financial

    · The Group reports a net profit after tax for the year ended 31 December 2021 of US$0.8 million, reflecting the initial cashflows from its non-operated asset portfolio.

    · Revenues for the year from the non-operated asset portfolio were US$6 million with a gross profit of US$3.3 million.

    · At 31 May 2022, the Group had cash and cash equivalents of US$11.9m (which includes cash receipts from the non-operated portfolio for the month of May 2022 which were received in early June 2022).

    Corporate

    · In February 2022, the Company announced that it had raised a further US$17.4 million (before expenses) through the placing of new Ordinary Shares in the Company, along with raising US$28 million through a senior debt facility. The net proceeds from these debt and equity instruments were used to complete the Group's US$36 million acquisition of non-operated assets in the Williston Basin and to fund further drilling activity across the portfolio.

    · In line with the Company's ESG objectives, Zephyr achieved carbon-neutrality across its operational footprint (through the purchase of Verified Emission Reduction credits (or "VERs")) prior to its published goal of 30 September 2021.

    Rick Grant, Zephyr's Non-Executive Chairman, said:

    "The period under review was a time of substantial progress in the ongoing transformation of Zephyr. During this period the Group evolved from a single project exploration company into a self-sustaining, cash generating, oil producing group with a balanced portfolio of operated and non-operated assets located in two established oil producing basins in the U.S.

    "The 2022 fiscal year promises to be an equally exciting time for our Shareholders as we aim to bring our State 16-2LN-CC well into commercial production and commence our proposed three well drill programme on the Paradox project. A successful drilling programme will see the Group further defining the Paradox project and materially increasing its reserve base in the project, and expected to deliver significant cashflows. This activity will be fully funded by cashflows from our non-operated asset portfolio in the Williston Basin, North Dakota, U.S. (the "non-operated portfolio"), which was formed during the period under review through a number of discrete acquisitions with the main purpose of funding our proposed activity on the Paradox project.

    "Our forthcoming activity across all our operations will be carried out consistent with our core values of being responsible stewards of investors' capital and responsible stewards of the environment."

    Notice of AGM

    The Annual General Meeting of the Shareholders of the Company will be held at 10 a.m. on 21 July 2022 at the offices of Zephyr Energy plc, First Floor, Newmarket House, Market Street, Newbury, Berkshire, RG14 5DP.

    Further details are set out in the notice of AGM. A copy of the Company's annual report and accounts, which includes the notice of AGM, will shortly be available on Zephyr's website, http://www.zephyrplc.com, and posted to Zephyr's Shareholders.

    Extension of warrants

    In November 2019, certain Directors were issued with warrants to subscribe for Ordinary Shares in the Company at a price of 2 pence per Ordinary Share ("Warrants"). These Warrants were issued in connection with the equity placing that was carried out by the Company and announced on 4 November 2019 (the "Placing"). In the Placing, Chris Eadie (Finance Director of Zephyr) invested £10,000, and in accordance with the terms of the Placing, he was issued 454,545 Warrants. Origin Creek Energy LLC ("OCE") invested £480,000 and was issued with 21,818,182 Warrants. The shareholders and directors of OCE are Rick Grant, the Chairman of Zephyr, and Colin Harrington, the CEO of Zephyr. Colin Harrington is indirectly the controlling shareholder of OCE.

    On 22 November 2021 the exercise period for these Warrants was extended until 30 June 2022. However, due to continued circumstances beyond their control these directors have not been able to exercise their Warrants and therefore the Independent Directors (Gordon Stein and Tom Reynolds) have agreed to an extension of the exercise period for these Warrants for a further six months until 31 December 2022.

    The agreement to extend the exercise date of the Warrants held by OCE and Chris Eadie is a related party transaction pursuant to rule 13 of the AIM Rules for Companies. Accordingly, the Independent Directors of Zephyr (Gordon Stein and Tom Reynolds) consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

    Zephyr Energy PLC - Final Results #ZPHR @ZephyrEnergyPlc https://www.voxmarkets.co.uk/rns/announcement/258ed19c-58f5-4b0b-952e-1b5afb5ed4e0
    Screenshot_20220623_072050.jpg
    Screenshot_20220623_072111.jpg
     
    Last edited: Jun 23, 2022
  17. Groucho

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    Screenshot_20220628_083922.jpg
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    Screenshot_20220628_084856.jpg
     
    Last edited: Jun 28, 2022
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    Stephane Foucaud from Auctus Advisors joins @DirectorsTalk

    He explains why the Paradox Basin is so exciting, what we have achieved so far, the Bakken assets and future plans.

     
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  19. Groucho

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    21 July 2022

    Zephyr Energy plc ("Zephyr" or the "Company")


    AGM Statement


    Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations, will hold its Annual General Meeting ("AGM") at 10am BST today, at the offices of Zephyr Energy plc, First Floor, Newmarket House, Market Street, Newbury, Berkshire, RG14 5DP.


    Ahead of the AGM today, Rick Grant, Zephyr's Non-Executive Chairman, has made the following statement:


    "The past year has been a period of substantial growth for Zephyr which has seen the Company transform into a carbon neutral, cash generative, self-sustaining oil production company with a balanced portfolio of both operated and non-operated assets located in two established oil producing basins in the U.S.

    We continue to make sustained progress on our stated mission - to open up the next prolific onshore U.S. oil and gas play. To this end, we have added value through initial drilling success at our flagship operated Paradox project in Utah, U.S., culminating in defining the first project reserves and significantly increasing both the contingent and prospective resources, while simultaneously highlighting the scale and future production potential of the project. We aim to materially increase the project reserves when we target undertaking extended production testing from our State 16-2LN-CC well by the end of September 2022 and through our three well drilling programme which is expected to commence in the second half of 2022 and for which detailed planning has long been underway.

    In addition to our operated Paradox project, we are producing significant levels of cash flow from our non-operated Williston Basin assets in North Dakota, U.S. ("Williston project"). First quarter 2022 ("Q1") revenues from the portfolio totalled US$11.5m, generated from an average of 1,600 barrels of oil equivalent per day, net to Zephyr, at an average sales price for the oil of US$90.11 per barrel. Q1 operating cash flow (net of royalty, tax and operating expenditure) was US$9.8 million, which demonstrates the high profit margin realised from the hydrocarbons sold during the period. Today, we reiterate our previous full-year 2022 revenue forecast of US$35-40 million, which is based on a forecast production range of 500,000 - 550,000 barrels of oil equivalent for the year. We also continue to evaluate opportunistic acquisitions to further grow our production portfolio during 2022 and beyond.

    Importantly, even through this period of significant production and cashflow growth, the Company will always strive to operate within our core values of being responsible stewards of both our investors' capital and of the environment in which we operate. We believe that we are ideally positioned to deliver on our stated strategy and we look forward to keeping the market updated as the Paradox drilling programme commences, alongside other milestones.

    On behalf of the Board, I would like to thank everyone within Zephyr for their unswerving hard work and commitment during this transformational period. I would also like to extend my heartfelt gratitude to our Shareholders and advisers for their continued support.

    Due to the achievements of 2021, we look to the future with a high degree of confidence and excitement as we continue our pursuit of building a group of which all our stakeholders can be proud."


    Williston production and sales update

    The Company expects to update the market on second quarter 2022 production and sales volumes from its Williston non-operated portfolio in early August 2022. Going forward, and given the timing of the provision of production and sales data to Zephyr from the well operators, the Company intends to provide quarterly updates on its non-operated portfolio performance with updates published within 45 days of the relevant quarter end.
     
  20. Groucho

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    Re : AGM Statement

    Whilst all the figures here are inevitably historic it does give investors a guide to the incredible achievements of the Zephyr management team over the last 18 months. They have more than delivered, successfully drilling the Paradox Basin starting with Government money leading to the current position, an extended well test ongoing and an Autumn campaign of three more wells which must have a very good chance of opening up the next prolific onshore U.S. oil and gas play.

    Indeed, after success at the Paradox, the company invested in the Williston Basin portfolio designed to give the company a much needed cash flow to pay for the potential at the Paradox. This has had the effect of making Zephyr into a full cycle company with a great deal of upside scope from Utah and add to that increasing Williston Basin high yielding production, it does what it says on the tin.

    It is going to be a busy 2H for Zephyr and one in which much news will be hitting the market, don’t forget the company is currently fully funded so barring the unexpected won’t be coming to the market for funds. The build of this company has already started and I expect it to be a very substantial one in a very short space of time, it may come very quickly.

    As an equity investment Zephyr looks incredibly attractive, indeed as suggested above I expect it to grow exponentially and under pretty much any economic industry metrics. At 4p investors should park their increasingly incorrect views about the company and see it as at least a ten bagger form here and maybe quite soon.

    https://www.malcysblog.com/2022/07/oil-price-zephyr-and-finally/
     
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