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Pin to quick picksZephyr Energy Regulatory News (ZPHR)

Share Price Information for Zephyr Energy (ZPHR)

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Start of well drilling operations

25 Apr 2024 07:00

RNS Number : 0048M
Zephyr Energy PLC
25 April 2024
 

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.

 

25 April 2024

 

 

Zephyr Energy plc

("Zephyr" or the "Company")

 

Start of well drilling operations

 

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development and carbon-neutral operations, is pleased to announce the spud and start of the main drilling operation on the State 36-2 LNW-CC-R well (the "well") at Zephyr's flagship project in the Paradox Basin, Utah, U.S. (the "Paradox project").

 

Further to the Company's announcement on 17 April 2024, the rig-up operation for the Helmerich & Payne Rig 257 (the "Rig") was completed yesterday, 24 April, and shortly thereafter the surface section of the well was spud.

 

Figure 1: Helmerich & Payne Rig 257 in situ at the Paradox project

 

 

The well, for which the Company expects to recover substantially all the drilling costs incurred through the well control insurance policy that it had in place for the State 36-2 LNW-CC well (the "original well") will target the Cane Creek reservoir and the highly productive natural fracture system encountered by the original well. Drilling is planned to a total depth ("TD") of 10,362 feet measured depth (9,600 feet true vertical depth) and will incorporate a short, 270-foot horizontal reservoir section. The well has been designed and permitted such that the horizontal section can be extended to a further 10,000 feet in the Cane Creek reservoir, should that be required in the future. 

Drilling operations are expected to take approximately 30 days. After reaching TD and setting a production liner, the Rig will be demobilised and the well will be prepared for production testing.

Colin Harrington, Zephyr's CEO commented: "After months of meticulous planning we are delighted to have commenced full drilling operations with the prime objectives of delivering a safe and timely drilling operation followed by a successful well test.

"We look forward to providing regular updates as drilling progresses." 

 

Contacts:

 

Zephyr Energy plc

Colin Harrington (CEO)

Chris Eadie (Group Finance Director)

 

 Tel: +44 (0)20 7225 4590

Allenby Capital Limited - AIM Nominated Adviser

Jeremy Porter / Vivek Bhardwaj

 

 Tel: +44 (0)20 3328 5656

 

Turner Pope Investments - Joint Broker

James Pope / Andy Thacker 

 

 Tel: +44 (0)20 3657 0050

 

Panmure Gordon (UK) Limited - Joint Broker

Hugh Rich / James Sinclair-Ford

 

 Tel: +44 (0) 20 7886 2500

 

Celicourt Communications - Public Relations

Mark Antelme / Felicity Winkles / Ali AlQahtani

Tel: +44 (0) 20 7770 6424

 

 

Qualified Person

Dr Gregor Maxwell, BSc Hons. Geology and Petroleum Geology, PhD, Chief Operating Officer of Zephyr Energy plc, who meets the criteria of a qualified person under the AIM Note for Mining and Oil & Gas Companies - June 2009, has reviewed and approved the technical information contained within this announcement.

 

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 lease holding of over 46,000 gross acres 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. 

 

 

 

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UPDIAMATMTATMBI
Date   Source Headline
10th Oct 20247:00 amRNSParadox project update
26th Sep 20247:00 amRNSHalf-year Report
17th Sep 20247:00 amRNSResponse to market speculation
6th Sep 20247:00 amRNSSuccessful State 36-2R well production test result
29th Aug 20247:00 amRNSUpdate on helium project & State 36-2R well test
14th Aug 20247:00 amRNSQ2 2024 results from the Williston Basin portfolio
31st Jul 202411:48 amRNSResult of AGM
31st Jul 20247:00 amRNSAGM Statement and Salt Wash helium project update
23rd Jul 20247:00 amRNSInitial results from State 36-2R production test
9th Jul 20247:00 amRNSOperations Update
27th Jun 20247:00 amRNSFinal Results
26th Jun 20247:00 amRNSOperations Update
14th Jun 20247:00 amRNSState 36-2R well production test
6th Jun 20247:00 amRNSState 36-2R well update
3rd Jun 20247:00 amRNSState 36-2R well drilling update
31st May 20245:00 pmRNSTotal Voting Rights
31st May 20247:00 amRNSQ1 2024 results from the Williston Basin portfolio
29th May 20247:01 amRNSGrant funding from U.S. DOE & drilling update
14th May 20247:00 amRNSOperations update, warrant exercise and TVR change
3rd May 20247:00 amRNSHolding(s) in Company
3rd May 20247:00 amRNSDebt for equity exchange & State 36-2R well update
25th Apr 20247:00 amRNSStart of well drilling operations
17th Apr 20247:00 amRNSState 36-2R well drilling operations update
10th Apr 20247:00 amRNSGrant of share options and issue of warrants
28th Mar 20247:00 amRNSAdditions to senior management team
27th Mar 20241:02 pmRNSSalt Wash helium project update - replacement
27th Mar 20247:00 amRNSSalt Wash helium project update
22nd Mar 20247:00 amRNSCommencement of Initial Drilling Operations
15th Mar 20247:00 amRNSAward of rig contract to Helmerich & Payne
11th Mar 20247:00 amRNSParadox project update
29th Feb 20247:00 amRNSQ4 2023 results from Williston Basin portfolio
14th Feb 20247:00 amRNSState 36-2R Drilling Permit Sundry Notice Approval
8th Feb 20247:00 amRNSOperations update
15th Dec 20237:00 amRNSOperational update
15th Nov 20237:00 amRNSQ3 2023 results from Williston Basin portfolio
1st Nov 20237:00 amRNSWilliston Basin Update
25th Oct 20237:00 amRNSInvestor Webinar Registration
18th Oct 202312:38 pmRNSInvestor Webinar
18th Oct 20237:00 amRNSParadox project update
29th Sep 20237:00 amRNSHalf-year Report
20th Sep 20237:00 amRNSStatement Re Market Speculation
15th Aug 20237:00 amRNSQ2 Williston Basin & State 36-2 LNW-CC Update
26th Jul 202311:39 amRNSResult of AGM
26th Jul 20237:00 amRNSAGM Statement
10th Jul 20237:00 amRNSParadox project update
30th Jun 20235:00 pmRNSTotal Voting Rights
26th Jun 20237:00 amRNSFinal Results
6th Jun 20237:00 amRNSPlacing & Subscription & Project Update
16th May 20237:00 amRNSQ1 Williston Basin & State 36-2 LNW-CC Update
2nd May 20237:00 amRNSHedging programme update

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