Zephyr Energy plc announced a successful outcome to the semi-annual redetermination of the Company's revolving credit facility, carried out by the Company's senior lender, North-Dakota based First International Bank and Trust. The redetermination process confirmed the existing amounts available under the RCF, with the borrowing base remaining at USD 13 million, the level at which it is currently drawn. In addition to the RCF, at 31 October 2023, Zephyr had an additional USD 11.7 million of outstanding borrowings on its amortising senior bank term loan with FIBT (versus USD 15.8 million at 31 October 2022).

No value was ascribed to the new Slawson production during the redetermination process (due to production not commencing during the FIBT evaluation period), but Zephyr does expect that the newly commenced Slawson production will allow for a significantly enhanced borrowing base once production is established.