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
Colin
Harrington (CEO)
Chris Eadie (Group Finance
Director and Company Secretary)
|
Tel:
+44 (0)20 7225 4590
|
|
Allenby Capital Limited -
AIM Nominated Adviser
Jeremy Porter / Vivek
Bhardwaj
|
Tel:
+44 (0)20 3328 5656
|
|
Turner Pope Investments -
Joint-Broker
James Pope / Andy
Thacker
Canaccord Genuity Limited - Joint-Broker
Henry Fitzgerald-O'Connor / Charlie
Hammond
Celicourt Communications - PR
Mark Antelme / Felicity Winkles
/ Ali AlQahtani
|
Tel:
+44 (0)20 3657 0050
Tel: +44
(0)20 7523 8000
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.
