REG - Zephyr Energy PLC - Commencement of Initial Drilling Operations

Zephyr EnergyAnnouncement

22/03/2024 07:00

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RNS Number : 8766H  Zephyr Energy PLC  22 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.

 

22 March 2024

Zephyr Energy plc

("Zephyr" or the "Company")

 

Commencement of Initial Drilling Operations

 

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 initial drilling operations have
commenced on the State 36-2R well (the "well") at the Company's flagship
project in the Paradox Basin, Utah, U.S.

 

In line with the Company's announcement on 15 March 2024, a small and low-cost
spudder drilling rig (the "spudder rig") was mobilised to the well location on
20 March 2024. The spudder rig subsequently drilled a 30-inch hole to a depth
of 96-feet before successfully setting 20-inch conductor casing. All
operations were conducted safely.

 

The remaining sections of the well will be drilled using the Helmerich &
Payne Rig 257 (the "H&P" rig), as also announced on 15 March 2024.  The
H&P rig has now been mobilised to the well site and will begin rig-up
activity in mid-April, prior to commencing the larger drilling operation.

 

Colin Harrington, Zephyr's Chief Executive, said: "We continue to make good
progress at the well-site and are well prepared for the next phase of drilling
which is expected to commence in mid-April."

 

Contacts:

 

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

 Colin Harrington (CEO)

 Chris Eadie (Group Finance Director & 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

 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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