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This time there should be no surprises on the kit…..they have a very good idea of the beast that lies down that hole!
Great to see progress so far, positive outcome will be life changing for current holders in view of previous known hydrocarbons
'kick' = unplanned rush of reservoir fluids into the wellbore during a drill.
Folks, re post below, BOP = blowout preventer. hp = high-pressure, I think.
I see that some people are somewhat anxious about the last part of the drill. I for one am not. Lets not forget that it was the BOP that failed. Taking kicks in a hp well is not unusual its the way you deal with it. I have full confidence in the drill team and management cos this is what they do!
Well the company drilled, overcame the high pressure /technical issues and completed the previous well.
This time with planning and preparation, the drill should be a success.
Yep I.G. Now is the time for folk to decide, in or out. It's been a long time in the making.
Entering the business end of the drill where the pressures will be high.Feeling very hopefully that the drill team and all the forward planning will pay off
All about to kick off big time and I have to congratulate CH for involving shareholders and keeping us up to date.
All going to plan :)
"And we know we have the right team in place. What could possibly go wrong!!"
Forearmed is forewarned Islandgirl - you can bet your bottom dollar that they will be well aware of the monster they'll be tapping into - I've been there, got that T shirt - there's no guarantees but very best endeavour is what we'll get from an excellent drill crew!
They will be prepared for any scenario this time as they approach TD ~ exciting times ahead.
No crystal ball but have everything crossed, not everything invested but this will make a huge difference to my retirement if this comes good!
That's all I've got to say - except
Good luck - to all
And we know we have the right team in place.What could possibly go wrong!!
What I take from that is Paradox can be controlled. So we know there are hydrocarbons, we know where the natural fracture is and we know the pressure can be controlled. Let's get this done !
Paradox Basin - State 36-2 LNW-CC well update
Following the well control incident announced on April 11, 2023, the Company reports that the State 36-2 LNW-CC well remains stable and under control while additional well repair work is ongoing. Zephyr plans to commence a production test of the well as soon as all necessary well work has been completed. This work includes a cement squeeze and the perforation of the well in the Cane Creek reservoir. Given the high pressures and significant hydrocarbon volumes witnessed to date, the continued safety of all personnel on site and the mitigation of any environmental impact are the top priorities of the Company.
The Zephyr team is working methodically and carefully to ensure both goals are met, at which point the Company will announce and commence the production test.
Colin Harrington, Chief Executive of Zephyr, said: "Over the last two years, Zephyr has built a successful and profitable non-operated asset base comprised of a diverse mix of working-interests in 223 low-risk, high-margin producing wells. This production is well-hedged at above current market prices, and delivers rapid payback and solid cash flows to fund future growth within both our operated and non-operated portfolios.
"Near term growth includes our investment in the newly drilled and completed Slawson-operated wells, wells which are expected to significantly boost non-operated production rates when brought online this Autumn.
"On our operated Paradox project, our near-term priority is to deliver a safe and successful production test of the State 36-2 LNW-CC well, and we look forward to updating Shareholders when we commence that test."
Q1 Sales Detail
Zephyr's net sales for Q1 were approximately 98,401 boe.
Q1 product mix was 88% crude oil, 5% natural gas, and 7% natural gas liquids. The table below provides sales volumes, product mix, and average sales prices for the quarter:
Oil: 70,464 bbls at an average sales price of US$77.98/bbl*
Natural Gas: 89,675 thousand cubic feet ("mcf") at an average sales price
of US$3.22 /mcf
Natural Gas Liquids: 12,991 bbls at an average sales price of US$37.28 per bbl
*not including hedges
(Note: Q1 volumes and average sales prices figures include field estimates in respect of March 2023 natural gas and natural gas liquids sales volumes and are subject to future revision.)
During Q1, more of Zephyr's existing production wells were changed from temporarily shut-in to producing status. As new infill wells are drilled, existing offset wells may be temporarily shut in to optimise the nearby completion and mitigate offset well production losses. The Company is now seeing those offset wells being re-instated for production when the new infill wells are started up for production.
In the Williston Basin, cashflow from non-operated interests in newly drilled wells may lag actual production by up to five months. Such payments from the operator accrue on a mo
16 May 2023 07:00
RNS Number : 4919Z
Zephyr Energy PLC
16 May 2023
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.
16 May 2023
Zephyr Energy plc
("Zephyr" or the "Company")
First Quarter 2023 results from Williston Basin portfolio;
State 36-2 LNW-CC well update
Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations, is pleased to provide initial first quarter 2023 ("Q1") results related to hydrocarbon production and cashflows from its non-operated asset portfolio in the Williston Basin, North Dakota, U.S (the "Williston project"), as well as an update on the State 36-2 LNW-CC well
Q1 Williston Basin Highlights
· Quarterly revenues totaled US$6.3 million, net to Zephyr, compared to fourth quarter 2022 ("Q4") revenues of US$7.4 million (subject to audit). Q1 revenues reflect the standard decline expected from the portfolio and the lower commodity price environment during the quarter.
· Q1 operating income was US$5.7 million (after taxes, lease operating expenses, realised hedging impacts, and gathering and marketing fees), compared to Q4 operating income of US$6.3 million.
· Q1 sales volumes averaged 1,093 barrels of oil equivalent per day ("boepd") compared to Q4 sales volumes average of 1,192 boepd. Q1 sales volumes were in line with management expectations.
· The Company hedged 36,000 barrels of oil in Q1 at a weighted-average price of US$90.05 per barrel of oil ("bbl").
· At 31 March 2023, 223 wells in the portfolio were available for production, including one well which came online during Q1.
o Net working interests across the Williston Basin portfolio now average 6.4% per well, equivalent to 15.1 gross wells in total, all of which utilised horizontal drilling and modern, hydraulically stimulated completions.
· The recently acquired Slawson Exploration ("Slawson") operated wellbore interests (as announced to the market on 21 December 2022) are now fully drilled and completed. Production from these working interests had been forecast to be online by July 2023, and are now forecast to be online by October 2023 due to minor delays related to the completion of surface facilities on the well pad. The Company will provide an update in relation to FY 2023 production guidance when those wells are brought online.
Paradox Basin - State 36-2 LNW-CC well update
Following the well control incident announced on April 11, 2023, the Company reports that the State 36-2 LNW-CC well remains stable and under control while additional well repair work is ongoing. Zephyr plans to commence a production test of the well as soon as all neces
Sorry April
Oil the 17th May RNS uses the word later. My guess is an extra 10,000 ft into the payzone should all the pieces fall into place.
Please God let them be using equipment that can cope with pressures much higher than what we will encounter here. Sounds basic right ?
An extension to horizontal post completion and initial flow?
The new shares were supposed to be admitted to the market on or around 9th May.Confirmation is due soon.
Whistler If warranted there may be an extension to the horizontal section. I assume the decision on this will be dependent on the flow tests? We may have to wait longer than expected for a fuller evaluation. Hopefully zephyr will be far north of here when that happens.
A little more movement this afternoon.
Everyday that passes is a day closer to poverty/riches.
Luckily the weather is cancelling out the ticking clock.
Have a great day.
2.2m trade printed late yesterday
The bond stage is the company providing insurance for clear up etc. The next stage is impact and environmental assessment followed by written report and finally approval. Not sure of time scale either.
100% i concur. Remember the following flow test will be the kicker etc & any resulting CPR. I'm no expert, but plenty to think about going forward ( in a very good way!!). I believe the entry point at these levels would be a very good foundation. and so does SGR.