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Pin to quick picksZephyr Energy Regulatory News (ZPHR)

Share Price Information for Zephyr Energy (ZPHR)

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State 36-2R Drilling Permit Sundry Notice Approval

14 Feb 2024 07:00

RNS Number : 0441D
Zephyr Energy PLC
14 February 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.

 

 

14 February 2024

 

Zephyr Energy plc

("Zephyr" or the "Company")

 

Approval of State 36-2R Well Drilling Permit Sundry Notice

 

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 announce that it has received state and federal Sundry Notice approvals for the amendment of the drilling permit related to the forthcoming "twinned" redrill of the State 36-2 well (the "State 36-2R well"). These are the final regulatory approvals required for the Company to spud the State 36-2R well on its project in the Paradox Basin, Utah, U.S.

 

Zephyr will now move to execute a rig contract and will update the market on the expected timeline for the spud of the State 36-2R well upon award of the contract. Bid processes for other major services are also underway.

The State 36-2R well's main objective is to target the same Cane Creek reservoir natural fracture network which was successfully intersected by the State 36-2 well last year. The Company expects to recover substantially all State 36-2R well drilling costs under the well control insurance policy that it has in place for the State 36-2 well.

 

Colin Harrington, Zephyr's Chief Executive, said: 

 

"We are pleased to have cleared the final regulatory hurdles for the spud of the State 36-2R well and look forward to next steps, including the execution of a rig contract and mobilisation of operations to the site. 

 

"This is a time of significant activity for the Company with the potential to generate substantial new value for Shareholders, and we plan to provide regular updates over the coming weeks and months as operations progress."

 

Contacts:

 

Zephyr Energy plc

Colin Harrington (CEO)

Chris Eadie (CFO)

 

 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

 

 

 

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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UPDDZGMZZFVGDZZ
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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