Zephyr Energy plc announced the results of an updated Competent Person’s Report (CPR) for its Paradox basin assets in Utah, revealing a major upgrade in reserves and resource estimates for the company’s flagship Paradox project. The report, compiled by Sproule-ERCE International Ltd., shows significant progress as the development advances toward full commercial production.
According to the CPR, proved recoverable reserves (1P) increased 93-fold to 14.8 million net barrels of oil equivalent (boe), up from 0.16 million net boe in 2022. The 1P reserves are forecast to generate more than $115 million in undiscounted free cash flow, with a net present value (NPV-10) of approximately $36 million. Seven well locations have now been classified as proved recoverable reserves.
Proved and probable reserves (2P) rose 25-fold to 35.3 million net boe, with estimated undiscounted free cash flow of roughly $400 million and an NPV-10 of $101 million. Twelve well locations have been classified as proved and probable recoverable reserves.
The total recoverable resources estimate increased 3.5 times to 74.2 million net boe, representing the full-field development potential of the Cane Creek reservoir. The updated report also raised Zephyr’s net prospective (2U) resources to 270 million boe, reflecting the company’s expanded ownership position in the Paradox project.
Colin Harrington, Zephyr’s CEO, said the CPR underscores the company’s transition from appraisal to full-scale production. “The completion of the CPR is an exciting milestone for Zephyr as we advance the Paradox project into commercial production and seek a strategic partner,” he said.
Sproule’s updated evaluation highlights the Paradox basin’s emerging role as one of the most promising onshore oil and gas developments in the U.S. Intermountain West.
