9 January 2025
Zephyr Energy
plc
("Zephyr" or the
"Company")
Rig mobilisation
underway
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 confirm that, further to
its announcement on 23 December 2024, the Nabors Drilling USA B29
rig (the "rig") is now being mobilised to site where it will drill
an extended lateral on the State 36-2 LNW-CC-R well (the
"well").
The rigging up process is expected
to be completed shortly, with drilling operations expected to
commence in mid-January 2025. In order to expedite drilling
operations, preparatory work on the well, which included the
removal of production tubing from the existing wellbore, has
already been completed utilising a cost-effective workover
rig.
The extended lateral will be drilled
horizontally from near the base of the existing wellbore and is
expected to target an additional 5,500 feet of the Cane Creek
reservoir. Drilling, once the well has
spudded, is expected to take circa 30 days.
Colin Harrington, Zephyr's Chief
Executive, said:
"We remain on target to start drilling the extended lateral in
mid-January 2025, following which we will complete and production
test the extended reservoir interval. The well has the potential to
be a major catalyst in the development of the Paradox project and
we look forward to providing further updates on progress in due
course."
Contacts:
|
Zephyr Energy plc
Colin
Harrington (CEO)
Chris Eadie (Group Finance
Director and 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
Canaccord Genuity Limited - Joint-Broker
Henry Fitzgerald-O'Connor / Charlie
Hammond
Celicourt Communications - PR
Mark Antelme / Felicity Winkles
/ Ali AlQahtani
|
Tel:
+44 (0)20 3657 0050
Tel: +44
(0)20 7523 8000
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.
