Zephyr Energy commences trading on OTCQB Venture Market
(ZPHR ) said it will commence trading on the OTCQB Venture Market in the US later today, “marking another step forward in this year of rapid progress,” it told investors.
The Rocky Mountain-focused oil and gas firm said a dual listing on London’s AIM market and OTCQB will provide enhanced investor benefits, including easier access for investors based in the United States and increased liquidity due to a broader pool of potential investors.
The OTCQB is recognised as an Established Public Market by the SEC and is a leading market for U.S. and international companies in the entrepreneurial and development stage.
As a verified market with efficient access to U.S. investors, OTCQB helps companies build shareholder value with a goal of enhancing liquidity and achieving a fair valuation, it noted.
Zephyr Energy originally filed an application with the OTC Markets Group for its ordinary shares to be publicly cross traded on the OTCQB Market back in June 2021.
Commenting at the time of the proposed listing, Colin Harrington, Zephyr's Chief Executive informed investors, “Dual trading, combined with our recent pledge to achieve carbon neutrality across our operational footprint, will serve to diversify the share register and increase exposure to a broader range of investors, whether U.S.-based or ESG-focused.”
He said this action had come “on the back of an already increased level of interest from U.S. investors as a result of the recent expansion of our operational footprint in the U.S.”
Shares in Zephyr Energy have seen an almost seven-fold increase in value since the beginning of the year. The stock was trading 4.10% higher this morning at 6.35p.
Commenting today, Harrington said, "We are pleased to commence Zephyr's dual trading on the OTCQB today, marking another step forward in this year of rapid progress for Zephyr.”
The Company believes its OTCQB listing will increase liquidity and significantly enhance the ability of U.S. based investors to access and trade its shares as it expands its US asset base.
“Over the coming months, Zephyr's management will put specific additional emphasis on increasing our outreach efforts to U.S. based institutions and investors,” added Harrington.
This month, Zephyr announced that it has started drilling on the State 16-2LN-CC appraisal well, which forms part of the Paradox project, a couple of weeks ahead of schedule.
The primary objective of the State 16-2LN-CC drilling operation is to drill a safe, responsible and successful well to test the natural fracture play in the Cane Creek reservoir - with a goal to deliver the Company's first production from the Paradox project which is located in Utah.
Drilling is expected to take around 20 days to complete and the company will provide further updates in due course.
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