16th Oct 2024 14:29
Zephyr Energy PLC - Rocky Mountain region-focused oil and gas company that aims for responsible resource development and carbon-neutral operations - Says its lender, North Dakota-based First International Bank & Trust, has completed its semi-annual redetermination of the company's revolving credit facility, and reduces the interest rate to 10% per annum from 11% per annum. It makes no change to the amount available under the facility. The group's borrowings after the redetermination process are around USD27.4 million, reduced 22% from USD35.3 million at January 1. It also results in an overall reduction of USD150,000 in annualised interest costs for Zephyr Energy.
Chief Executive Officer Colin Harrington says: "I am delighted at the outcome of this semi-annual redetermination which both affirms the substantial value of our non-operated portfolio and further reduces our cost of capital. Our non-operated assets are long-lived and high margin and continue to provide a stable platform for our growth."
Current stock price: 3.53 pence, down 0.7% in London on Wednesday afternoon
12-month change: up 14%
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.