Zephyr Energy PLC Successful conclusion of drilling operations (9300H)
August 09 2021 - 2:00AM
UK Regulatory
TIDMZPHR
RNS Number : 9300H
Zephyr Energy PLC
09 August 2021
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.
9 August 2021
Zephyr Energy plc
(the "Company" or "Zephyr")
Successful conclusion of the State 16-2LN-CC drilling
operations;
Wireline log data acquired and production casing set;
Lateral drilled 100% in zone in the Cane Creek reservoir;
Plans to complete well and test production in near-term
Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) , the Rocky
Mountain oil and gas company focused on responsible resource
development and carbon-neutral operations, provides an update on
its flagship project in the Paradox Basin, Utah, U.S.A.
The Company is pleased to report that State 16-2LN-CC drilling
operations, which began on 13 July 2021, have concluded
successfully and safely. The well reached Total Depth at 14,370
feet, at which point a full suite of wireline logs was run and
production casing was set.
Highlights
-- The State 16-2LN-CC well was drilled to a total depth ("TD") of 14,370 feet ('ft").
-- The well successfully encountered the primary Cane Creek
reservoir target as well as multiple secondary targets in overlying
reservoirs.
-- The well penetrated 4,555 ft of the Cane Creek reservoir and was drilled 100% in zone.
-- The Cane Creek reservoir target indicated hydrocarbon charge
across its entirety, based on wireline logs, cuttings and mud gas
readings. Multiple overlying reservoirs also indicated hydrocarbon
charge.
-- Detailed analysis of the log data is now underway. That
analysis will inform the selection of an optimal well completion
method, which is expected to be determined over the course of the
next week.
-- Based on the multitude of positive indications gathered to
date, the Company elected to set production casing in anticipation
of upcoming completion and production testing activity.
Colin Harrington, Zephyr's Chief Executive, said: "I am
delighted to announce the safe and successful conclusion of
drilling operations. I'm even more pleased that we hit the Cane
Creek reservoir target with success and stayed within that
reservoir across the entire lateral portion of the well. It's also
exciting to see evidence of hydrocarbon charge across the entirety
of the Cane Creek lateral, as well as in multiple overlying
reservoirs.
"Now that we've set production casing, we have an excellent well
bore from which to complete the well and test production from the
Cane Creek reservoir - and the log data gathered during drilling
operations will help determine the optimal method by which to do
so.
"The evaluation of the logs is underway, and we will keep our
Shareholders informed in the coming days when the output from that
analysis is finalised and the method for completing the well is
selected."
Contacts:
Zephyr Energy plc Tel: +44 (0)20 7225 4590
Colin Harrington (CEO)
Chris Eadie (CFO)
Allenby Capital Limited - AIM Nominated Tel: +44 (0)20 3328 5656
Adviser
Jeremy Porter / Liz Kirchner
Turner Pope Investments - Broker Tel: +44 (0)20 3657 0050
Andy Thacker / James Pope
Flagstaff Strategic and Investor Communications
Tim Thompson / Mark Edwards / Fergus Tel: +44 (0) 20 7129
Mellon 1474
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCUWUURABUWRUR
(END) Dow Jones Newswires
August 09, 2021 02:00 ET (06:00 GMT)
Zephyr Energy (AQSE:ZPHR.GB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Zephyr Energy (AQSE:ZPHR.GB)
Historical Stock Chart
From Jul 2023 to Jul 2024