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Zephyr Energy Enters Nonbinding Deal for $15 Million Funding

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Zephyr Energy (ZPHR.L) signed a nonbinding letter of intent with fuel distribution and management services company Atlas Oil Co. for a prepaid commodity purchase agreement proposal that will provide the company with up to $15 million in funding.

The oil and gas company said Monday that the nondilutive pre-production financing, which will be split into tranches, will be used for the infrastructure buildout, well workovers, and the potential expansion of gas facilities at its Paradox project in Utah, US.

As part of the deal, Atlas Oil will have the exclusive right to sell, market, and buy hydrocarbons that are produced from the Paradox project. The agreement is still subject to a binding agreement and due diligence, which are expected to be finalized in the third or fourth quarter.

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