A busy Friday for small-cap oil and gas saw Zephyr Energy nearly double its Utah footprint with a 27,000-acre acquisition, while Kistos Holdings reported a near-breakeven statutory result as its Balder Future project delivered first oil. Elsewhere, Zenith Energy received an arbitration timetable that puts its $572 million Tunisian claim roughly nine months from resolution, and Ethtry laid out a wholesale strategic pivot toward UK renewables and an Ethereum treasury strategy.
Zephyr Energy doubles Paradox Basin footprint with 27,000-acre acquisition
Zephyr Energy (AIM: ZPHR) has acquired approximately 27,000 acres of additional acreage in Utah's Paradox Basin, effectively doubling the company's position in the play at what management described as a critical juncture in its farm-out process. The deal was accompanied by the completion of a sale of non-core Wyoming assets for $2.2 million, sharpening the company's focus on its core Paradox project. Shares rose 2.19% to 3.27p.
Kistos swings to near-breakeven as Balder Future delivers first oil
Kistos Holdings (AIM: KIST) reported full-year results for 2025 showing adjusted EBITDA of $97 million and a statutory loss that narrowed sharply to just $2 million, a significant improvement driven by the Balder Future project reaching first oil. The North Sea and Norway-focused producer's results reflected the transformative contribution of Balder Future coming onstream, moving the group close to statutory breakeven for the year. Shares added 1.74% to 234.0p.
Zenith Energy arbitration timetable puts Tunisia award nine months out
Zenith Energy (AIM: ZEN) confirmed that the tribunal overseeing its $572.65 million claim against Tunisia has set a formal schedule, with a final award now expected approximately nine months away. The clarity on timing removes procedural uncertainty but also signals a prolonged wait before any potential recovery. Shares fell to 4.75p on the news.
Ethtry abandons battery storage to pursue renewables and Ethereum treasury
Ethtry Plc, listed on Aquis, swung to a loss for the year ended 31 December 2025 following a wholesale strategic repositioning that abandoned its earlier battery storage and life sciences activities. The company has pivoted toward UK renewable energy development and adopted an Ethereum treasury strategy as the twin pillars of its new direction. No share price data was available for the stock.
