(Alliance News) - Zephyr Energy PLC on Tuesday announced the start of drilling operations on the State 16-2LN-CC appraisal well on its Paradox project in Utah.
Shares in Zephyr Energy closed 10% higher at 6.73 pence each in London on Tuesday.
Zephyr Energy is a rocky mountain oil and gas company focused on responsible resource development and carbon-neutral operations.
Drilling is expected to take approximately 20 days to complete.
Over the last year, Zephyr has worked closely with a project team led by the University of Utah's Energy & Geoscience Institute, in collaboration with the Utah Geological Survey and other Utah-based partners.
Zephyr also announced on Tuesday that the University of Utah's Energy & Geoscience Institute has agreed to fund additional data acquisition efforts, specifically including the funding of Dipole Sonic logs to be deployed during the drilling operations of the State 16-2LN-CC well.
This additional funding and continued collaboration will be useful to help both the company and the project team further define the potential of the overlying reservoirs.
"We will continue to keep our stakeholders informed as operations progress over the coming weeks, and - as always - we will adhere to our core mission to be responsible stewards of our investors' capital and responsible stewards of the environment in which we work," said Chief Executive Colin Harrington.
By Amrit Sahota; newsroom@alliancenews.com
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Zephyr Energy (ZPHR)