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 June 2024
Zephyr Energy
plc
("Zephyr" or the
"Company")
State
36-2R well production test to commence
shortly
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
operations on the State 36-2R LNW-CC well ("the well") at the
Company's flagship project in the Paradox
Basin, Utah, U.S.
Further to the announcement on 6
June 2024, completion operations on the well have now concluded
safely and successfully and the Helmerich & Payne drilling rig
is being rigged down and transported off location.
Production testing equipment will
then be mobilised to site. Testing is expected to commence within
two weeks and is expected to take less than ten days to
complete.
Colin Harrington, Zephyr's
Chief Executive, said:
"I am delighted that drilling
operations have completed safely and successfully. We can now
look forward to commencing the highly anticipated production test
over the course of the next fortnight.
"We look forward to providing further
updates soon."
|
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
Panmure Gordon (UK) Limited - Joint-Broker
John Prior / Hugh
Rich / James Sinclair-Ford / Harriette
Johnson
Celicourt Communications - PR
Mark Antelme / Felicity
Winkles
|
Tel:
+44 (0)20 3657 0050
Tel: +44
(0) 20 7886 2500
Tel: +44 (0) 20 8434 2643
|
Qualified Person
Dr Gregor Maxwell, BSc Hons. Geology
and Petroleum Geology, PhD, Technical Adviser to the Board
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 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.