“Zephyr is a clean, low-overhead, unlevered and value-focused vehicle from which to build,” said chief executive Colin Harrington
Zephyr Energy PLC () 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.
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.