REG - Zephyr Energy PLC - Commencement of drilling operations

Zephyr EnergyAnnouncement

20/01/2025 07:00

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RNS Number : 9234T  Zephyr Energy PLC  20 January 2025

20 January 2025

 

Zephyr Energy plc

("Zephyr" or the "Company")

 

Commencement of drilling operations

 

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) is pleased to confirm that
operations to drill the extended lateral on the State 36-2 LNW-CC-R well (the
"well") have commenced.

 

The extended lateral will be drilled horizontally from near the base of the
existing wellbore and will target an additional 5,500 feet of the Cane Creek
reservoir. Drilling operations are expected to take approximately 30 days.

 

Immediately after drilling operations have concluded, the Nabors rig will be
demobilised at which point equipment for the completion and production testing
of the well will be moved to site. It is currently expected that the results
from the production test on the well will be available by the end of March
2025.

 

 

Contacts:

 

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

 Colin Harrington (CEO)

 Chris Eadie (Group Finance Director and Company Secretary)

 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

 Canaccord Genuity Limited - Joint-Broker                      Tel: +44 (0)20 7523 8000

 Henry Fitzgerald-O'Connor / Charlie Hammond

 Celicourt Communications - PR

 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 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.

 

 

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