Last checked at 24 Jun 2021 07:00
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.
24 June 2021
Zephyr Energy plc
("Zephyr" or the "Company")
Grant of final approvals necessary to drill the State 16-2LN-CC well
Zephyr Energy plc (AIM: ZPHR), the Rocky Mountain oil and gas company focused on responsible resource development and carbon-neutral operations, provides an update on its project in the Paradox Basin, Utah, U.S.A (the "Paradox project") where the Company is preparing to spud the State 16-2LN-CC appraisal well (the "well"). The well will seek to target the Company's first production on the Paradox project, and it is expected that drilling operations will commence in July as previously forecast.
The Company is pleased to announce that it has received all final approvals and permits required to proceed with the drilling of the well. These approvals include surface rights and rights to drill from the Utah School and Institutional Trust Lands Administration ("SITLA"), approvals from the Bureau of Land Management ("BLM"), and Application to Drill ("APD") approval from the Utah Division of Oil, Gas and Mining ("DOGM"). In addition, the Company has received all necessary consents from its joint-venture partner on the Paradox project.
With all approvals and permits now in place, the Company is working to finalise the project contracts needed to enable the Company to meet its proposed timeline of a July spud date.
Colin Harrington, Zephyr's Chief Executive said "Securing all approvals and consents needed to drill the State 16-2LN-CC is another step in our efforts to unlock significant value from what we believe is a project of substantial scale.
"I would like to thank all parties involved in this process, especially our advisers and the dedicated staff at SITLA, DOGM and the BLM. We are now well-positioned to finalise drilling preparations and third-party service contracts in advance of the proposed well spud next month."
For further information please visit https://www.zephyrplc.com/ or contact:
Zephyr Energy plc Colin Harrington (CEO) Chris Eadie (CFO)
| Tel: +44 (0)20 7225 4590 |
Allenby Capital Limited - AIM Nominated Adviser Jeremy Porter / Liz Kirchner
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Turner Pope Investments - Broker James Pope / Andy Thacker
Flagstaff Strategic and Investor Communications Tim Thompson / Mark Edwards / Fergus Mellon | Tel: +44 (0)20 3657 0050
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