Zephyr Energy PLC Award of rig contract to CWC Ironhand Drilling (6011F)
November 08 2022 - 2:00AM
UK Regulatory
TIDMZPHR
RNS Number : 6011F
Zephyr Energy PLC
08 November 2022
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.
8 November 2022
Zephyr Energy plc
("Zephyr" or the "Company")
Award of rig contract to CWC Ironhand Drilling
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 the signing
of a rig contract with CWC Ironhand Drilling ("CWC") for its
Ironhand Rig 118 ("Rig 118") to be used to drill the Company's
State 36-2 LNW-CC well, the first of three wells designed to
further delineate Zephyr's acreage position on its project in the
Paradox Basin, Utah, U.S.
Rig 118 will mobilise to site over the coming days, with the
well expected to spud in the second half of this month. In the
interim, the Company expects to set the conductor casing ahead of
rig arrival prior to the commencement of the greater drilling
operation.
Colin Harrington, Zephyr's Chief Executive, said:
"Following the recent final permit award, Zephyr's operational
team moved quickly to secure the rig contract with CWC. We are
pleased with the operational momentum and look forward to getting
the drilling campaign underway this month.
"We look forward to keeping investors informed as operations
progress at the well site."
Contacts
Zephyr Energy plc Tel: +44 (0)20 7225
Colin Harrington (CEO) 4590
Chris Eadie (CFO)
Allenby Capital Limited - AIM Nominated Tel: +44 (0)20 3328
Adviser 5656
Jeremy Porter / Vivek Bhardwaj
Turner Pope Investments - Joint-Broker Tel: +44 (0)20 3657
James Pope / Andy Thacker 0050
Panmure Gordon (UK) Limited - Joint-Broker
John Prior / Hugh Rich / James Sinclair-Ford Tel: +44 (0) 20 7886
/ Harriette Johnson 2500
Celicourt Communications - PR
Mark Antelme / Felicity Winkles
Tel: +44 (0) 20 8434
2643
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 45,000-acre leaseholding
located in the Paradox Basin, Utah, 25,000 acres of which has been
assessed by third party consultants Sproule International to hold,
net to Zephyr, 2P reserves of 2.1 million barrels of oil equivalent
("mmboe"), 2C resources of 27 mmboe and 2U resources 203 mmboe.
Following the successful initial production testing of the recently
drilled and completed State 16-2LN-CC well, Zephyr has planned a
three well drilling program commencing in 2022 to further delineate
the scale and value of the project.
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.
The Williston portfolio currently consists of working-interests
in over 200 modern horizontal wells which are expected to provide
US$35-40 million of revenue, net to Zephyr, in 2022. 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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