Zephyr Energy secures loan refinancing for Paradox project in Utah, US

Core Insights - Zephyr Energy has secured loan refinancing for its Paradox project and additional financing for near-term expansion and development plans [1][5] - The company's outstanding borrowings with First International Bank & Trust (FIBT) have decreased significantly from $35.3 million in January 2024 to $22.1 million [2] - The consolidation of two FIBT term loans into a single loan has resulted in a lower average interest rate [3] Financial Overview - Current outstanding borrowings with FIBT are approximately $22.1 million, down from $35.3 million in January 2024 and $27.4 million in October 2024 [2] - Zephyr Energy has secured an additional $2 million in loan financing from an industry lender for near-term expenditures [5] Operational Focus - The company is focused on tying in three previously drilled wells at the Paradox project to nearby pipeline infrastructure for future hydrocarbon production [6] - Engineering work and commercial documentation with Enbridge for the adjacent natural gas pipeline are currently in progress [6] - The workstream for securing necessary regulatory approvals for the proposed natural gas transportation service is also progressing [7] Strategic Goals - The CEO emphasized the commitment to delivering first production from the Paradox project, supported by positive results from a recent competent person's report and strong well test results [4] - Ongoing project partnership discussions are being vigorously pursued to enhance operational capabilities [5]