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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 $27.4 million, reduced 22% from $35.3 million at January 1. It also results in an overall reduction of $150,000 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%
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