(Sharecast News) - Zephyr Energy said on Thursday that it had acquired a further 2,294 acres of Utah Trust Lands Administration leases in the Paradox Basin, expanding its operated position immediately north of the White Sands Unit.
The AIM-traded firm said the acreage, nominated by Zephyr and secured through a sealed-bid auction, carries a five-year primary term and a 16.67% royalty, with the cost funded from existing cash.

The acquisition follows the 27,000-acre deal announced on 26 June and takes Zephyr's operated Paradox Basin footprint to more than 72,000 gross acres, mostly with a 100% working interest.

Chief executive Colin Harrington said the auction result "further enhance[s] the scale" of the project, adding that Zephyr would "continue to be opportunistic" in building out its land position in the northern Paradox Basin.

At 1044 BST, shares in Zephyr Energy were up 14.04% at 3.9p.

Reporting by Josh White for Sharecast.com.

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