- Oil company Zephyr Energy booked a full-year loss as it continued to develop assets in the US.

Pre-tax losses for the year through December amounted to £2.3 million, compared to year-on-year losses of £3.0 million.

Zephyr said it expected to accumulate 'substantial cash flows' over the next 12 months from recently acquired in the Williston Basin, North Dakota.

The company said it also was poised for 'significant near-term organic growth' as it plans to drill and target first production from its flagship appraisal project in the Paradox Basin, Utah.

'The period under review was one of remarkable progress for Zephyr, and I'm confident that in the coming months we will continue to see a flurry of corporate activity,' executive chairman Rick Grant said.

'Upcoming operational milestones are expected to occur across our asset portfolio - we expect all of our acquired wells in the Williston Basin to be online and generating significant near-term cash flow soon, and our upcoming drilling and ongoing geologic evaluation activity has the potential to generate considerable value from our Paradox project.'

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