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Zephyr Energy plc confirmed the commencement of drilling operations for the extended lateral on its State 36-2 LNW-CC-R well on 20 January 2025. This lateral targets an additional 5,500 feet of the Cane Creek reservoir, with drilling operations expected to take approximately 30 days. Results from the production test on the well are expected to be available by the end of March 2025.
| Date | 20 Jan 2025 |
| Time | 07:00:05 |
| Category | Corporate updates |
| ID | 9234T |
20 January 2025
Zephyr Energy plc
("Zephyr" or the "Company")
Commencement of drilling operations
Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) is pleased to confirm that operations to drill the extended lateral on the State 36-2 LNW-CC-R well (the "well") have commenced.
The extended lateral will be drilled horizontally from near the base of the existing wellbore and will target an additional 5,500 feet of the Cane Creek reservoir. Drilling operations are expected to take approximately 30 days.
Immediately after drilling operations have concluded, the Nabors rig will be demobilised at which point equipment for the completion and production testing of the well will be moved to site. It is currently expected that the results from the production test on the well will be available by the end of March 2025.
Contacts:
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Zephyr Energy plc Colin Harrington (CEO) Chris Eadie (Group Finance Director and Company Secretary)
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Tel: +44 (0)20 7225 4590 |
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Allenby Capital Limited - AIM Nominated Adviser Jeremy Porter / Vivek Bhardwaj
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Tel: +44 (0)20 3328 5656
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Turner Pope Investments - Joint-Broker James Pope / Andy Thacker
Canaccord Genuity Limited - Joint-Broker Henry Fitzgerald-O'Connor / Charlie Hammond
Celicourt Communications - PR Mark Antelme / Felicity Winkles / Ali AlQahtani |
Tel: +44 (0)20 3657 0050
Tel: +44 (0)20 7523 8000
Tel: +44 (0) 20 7770 6424 |
Notes to Editors
Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) is a technology-led oil and gas company focused on responsible resource development from carbon-neutral operations in the Rocky Mountain region of the United States. The Company's mission is rooted in two core values: to be responsible stewards of its investors' capital, and to be responsible stewards of the environment in which it works.
Zephyr's flagship asset is an operated 46,000-acre leaseholding located in the Paradox Basin, Utah, 25,000 acres of which has been assessed to hold, net to Zephyr, 2P reserves of 2.6 million barrels of oil equivalent ("mmboe"), 2C resources of 34 mmboe and 2U resources 270 mmboe.
In addition to its operated assets, the Company owns working interests in a broad portfolio of non-operated producing wells across the Williston Basin in North Dakota and Montana. Cash flow from the Williston production will be used to fund the planned Paradox Basin development. In addition, the Board will consider further opportunistic value-accretive acquisitions.