REG - Zephyr Energy PLC - Award of rig contract to Helmerich & Payne

Zephyr EnergyAnnouncement

15/03/2024 07:00

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RNS Number : 9424G  Zephyr Energy PLC  15 March 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.

 

15 March 2024

 

Zephyr Energy plc

("Zephyr" or the "Company")

 

Award of rig contract to Helmerich & Payne

 

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 following a detailed selection
process, Zephyr has signed a rig contract with Helmerich &
Payne ("H&P") for its Rig 257 which will be used to redrill the State
36-2 well (the "State 36-2R well") on the Company's project in the Paradox
Basin, Utah, U.S.

 

Rig 257 is a Flex 3 1,500HP drilling rig fully capable of drilling the
planned well and managing the high reservoir pressures expected to be
encountered.  The rig is wrapping up a sustained and successful drilling
campaign in the nearby Uinta Basin and will mobilise to the State 36-2R well
site in the near-term, with an expected spud in mid-April.  In the meantime,
the Company plans to mobilise a spudder rig to site in order to set the
conductor casing ahead of the larger drilling operation.

 

Colin Harrington, Zephyr's Chief Executive, said:

 

"We are pleased with the swift progress made by Zephyr's operational team in
securing the rig contract with H&P following the recent final permit
award, and believe that Rig 257 is particularly well suited for the State
36-2R drill. The focus is now on drilling the well safely and efficiently,
with full drilling operations expected to start in mid-April."

 

"We look forward to keeping our investors well-informed as operations develop
at the well site."

 

Contacts:

 

 Zephyr Energy plc                                  Tel: +44 (0)20 7225 4590

 Colin Harrington (CEO)

 Chris Eadie (CFO)

 Allenby Capital Limited - AIM Nominated Adviser    Tel: +44 (0)20 3328 5656

 Jeremy Porter / Vivek Bhardwaj

 Turner Pope Investments - Joint Broker             Tel: +44 (0)20 3657 0050

 James Pope / Andy Thacker

 Panmure Gordon (UK) Limited - Joint Broker         Tel: +44 (0) 20 7886 2500

 Hugh Rich / James Sinclair-Ford

 Celicourt Communications - Public Relations       Tel: +44 (0) 20 7770 6424

 Mark Antelme / Felicity Winkles / Ali AlQahtani

 

 

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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