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
Colin Harrington (CEO)
Chris Eadie (Group Finance Director
& 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
|
Tel:
+44 (0)20 3657 0050
|
Panmure Gordon (UK) Limited -
Joint Broker
Hugh Rich / James
Sinclair-Ford
|
Tel:
+44 (0) 20 7886 2500
|
Celicourt Communications - Public Relations
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 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.