REG - Zephyr Energy PLC - Successful conclusion of drilling operations

Zephyr EnergyAnnouncement

20/02/2025 07:15

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RNS Number : 7778X  Zephyr Energy PLC  20 February 2025

20 February 2025

 

Zephyr Energy plc

("Zephyr" or the "Company")

 

Drilling operations concluded safely and successfully

 

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) is pleased to confirm that
drilling operations at the State 36-2 LNW-CC-R well ("the well") have been
completed safely and successfully, with the well drilled to a total depth of
15,288 feet (measured depth).

 

The well trajectory of the extended lateral section (the "lateral") was
drilled as planned and correlated well with the existing 3D seismic data. 97%
of the lateral was drilled within the Cane Creek reservoir section
demonstrating the ability to accurately steer within the reservoir across a
structurally complex play. Encouragingly, elevated mud gas levels with notable
peaks were evident throughout the drilling of the Cane Creek reservoir.

 

Zephyr's operations team is now preparing to run casing across the drilled
section after which the Nabors rig will be demobilised from the site. Zephyr
will then mobilise equipment for the completion and production testing of the
reservoir zone.

 

Results from the production test on the well are expected to be announced 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

 

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.

 

 

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