Zephyr Energy PLC on Friday said it completed the acquisition of the remaining 25% working interest in the White Sands unit, which lies in the Paradox basin in the US state of Utah.

The US Rocky Mountains-focused oil and gas company said the completion for the acquisition, first announced in late December, follows the issue and admission to trading on AIM today of 13.5 million new shares each in the company to satisfy the initial consideration of the acquisition, as announced on February 1.

‘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,’ said Zephyr Chief Executive Officer Colin Harrington.

‘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.’

Shares in Zephyr were up 0.1% to 6.56 pence each in London on Friday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.