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Pin to quick picksZephyr Energy Regulatory News (ZPHR)

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State 36-2R well drilling update

3 Jun 2024 07:00

RNS Number : 7525Q
Zephyr Energy PLC
03 June 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.

 

3 June 2024

Zephyr Energy plc

("Zephyr" or the "Company")

 

State 36-2R well drilling update

 

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 provide an update on the State 36-2R LNW-CC well (the "State 36-2R well") at its project in the Paradox Basin, Utah.

Drilling operations continue to proceed safely and effectively. 

The 8 ½-inch section reached the planned section total depth of 10,084 feet, after which the 7-inch casing string was set and cemented in place successfully.

Drilling will shortly commence on the final section of the State 36-2R well. The objective for this short section is to land the well safely within the Cane Creek reservoir (the "Cane Creek") and drill the remaining 320 feet (of which 270 feet will be drilled horizontally within the reservoir) to intersect both the reservoir and the productive natural fracture system encountered by the State 36-2LNW-CC well (the "original well").

After reaching total depth and setting a production liner, the drilling rig will be demobilised and the well will be prepared for production testing.

At the current depth of 10,084 feet, the State 36-2R well is ten feet from the original well.

Colin Harrington, Zephyr's Chief Executive, said: "I am pleased to report that drilling operations on the State 36-2R well continue safely and with such precision. Over the next few days we plan to intersect the Cane Creek and target the same natural fracture network identified by the original well.

"We will keep our stakeholders updated as drilling operations progress."

 

 

Contacts

 

Zephyr Energy plc

Colin Harrington (CEO)

Chris Eadie (Group Finance Director & Company Secretary)

 

 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 

 

Panmure Gordon (UK) Limited - Joint-Broker

Hugh Rich / James Sinclair-Ford

 

Celicourt Communications - PR

Mark Antelme / Felicity Winkles / Ali AlQahtani

 Tel: +44 (0)20 3657 0050

 

 

Tel: +44 (0) 20 7886 2500

 

 

 

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 46,000-acre leaseholding 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.

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

 

 

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UPDEAFKAEAPLEAA
Date   Source Headline
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
20th Apr 20236:15 pmRNSCorporate Presentation
13th Apr 20234:02 pmRNSInvestor Webinar
11th Apr 20237:00 amRNSState 36-2 LNW-CC well update
20th Mar 20237:00 amRNSState 36-2 LNW-CC well production test to commence
8th Mar 20237:00 amRNSParadox project update
28th Feb 20235:00 pmRNSTotal Voting Rights
15th Feb 20237:00 amRNSQ4 & FY 22 results from Williston Basin portfolio
14th Feb 20237:00 amRNSState 36-2 LNW-CC well update
10th Feb 20238:00 amRNSCompletion of Paradox project acquisition

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