Zephyr Energy PLC on Wednesday reported a jump in quarterly revenue and sales volumes at Williston basin, located in the US state of North Dakota.

The London-based oil and gas exploration and production company said revenue for the fourth quarter of 2022 totalled $7.4 million. It now expects to report revenue for the full-year of $42.9 million, representing a seven-fold increase from just $6 million in 2021.

Zephyr’s initial guidance for 2022 revenue was a range of $35 million to $40 million.

Sales volumes for the fourth quarter averaged 1,192 barrels of oil equivalent per day, contributing to a total of 543,948 barrels for 2022. This is compared to 88,037 barrels in 2021.

Zephyr said sales for the quarter was at the high end of the range of its guidance for the full year.

Chief Executive Colin Harrington said: ‘We comfortably exceeded our initial 2022 revenue guidance, and production was within the upper end of the forecast range. Cash flows generated from these operations have been reinvested back into both our operated and non-operated asset portfolios, and we expect continued growth in 2023. We fully expect this years’ Williston project production to exceed last years’ once again.’

Zephyr Energy said it reiterates its 2023 production forecast of 1,550 to 1,750 barrels of oil equivalent per day from the Williston project.

Shares were up 2.0% at 6.22 pence each on Wednesday around midday in London.

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