REG - Zephyr Energy PLC - Rig mobilisation underway

Zephyr EnergyAnnouncement

09/01/2025 07:00

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RNS Number : 6614S  Zephyr Energy PLC  09 January 2025

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                                              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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