Zephyr Energy Plc (GB:ZPHR) has released an update.
Zephyr Energy Plc has announced the conversion of $3.88 million of debt into equity, issuing new shares to US-based investor SGRI, and provided an update on the drilling progress of their State 36-2R well, which remains on track. This strategic move aims to improve the company’s balance sheet and cash flow for future reinvestments, with SGRI becoming a significant shareholder. The company’s operations continue to focus on responsible resource development with carbon-neutral initiatives in the Rocky Mountain oil and gas sector.
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