Zephyr said the acquisition was funded from existing cash resources. It follows the company’s acquisition of around 27,000 acres, announced on 26 June, taking its operated Paradox Basin position to more than 72,000 gross acres. The majority is held at a 100% working interest.
The move expands Zephyr’s position in the Paradox Basin, with the latest acquisition increasing the company's operated footprint to more than 72,000 gross acres, the majority of which are held with a 100% working interest.
Chief executive Colin Harrington said the auction result "further enhances the scale" of the Paradox project, adding that Zephyr would "continue to be opportunistic" in building its northern Paradox Basin position.
The expansion of Zephyr’s Paradox Basin footprint and the planned auction of additional leases are aimed at increasing the company’s scale in the region, enhancing its operated position in the Paradox Basin.
No further expert commentary was provided in the source material.
