Zephyr Energy Announces State 36-2R Well Drilling Operations Update

Source: www.gulfoilandgas.com 4/17/2024, Location: North America

Zephyr Energy plc (AIM: ZPHR), the Rocky Mountain oil and gas company focused on responsible resource development and carbon-neutral operations, is pleased to provide an operational update on the State 36-2 LNW-CC-R well (the "new well") at its flagship project in the Paradox Basin, Utah, U.S. (the "Paradox project").

Further to the Company's announcement on 22 March 2024, the Helmerich & Payne Rig 257 has begun rigging up operations to spud the initial, surface section of the new well in the coming days. All necessary ancillary service providers have also arrived on site to support the Company's drilling operations.

The new well, for which the Company expects to recover substantially all the drilling costs incurred through the well control insurance policy that it had in place for the State 36-2 LNW-CC well (the "original well"), will target the same Cane Creek reservoir and the over pressured, gas bearing natural fracture system that was proven during the drilling of the original well. Drilling at the new well is planned to reach a total depth ("TD") at 10,362 feet measured depth (9,600 feet true vertical depth) incorporating a 270-foot horizontal reservoir section (see Figure 1 below). The new well has also been designed to allow the drilling of a longer, 10,000-foot horizontal section later, should that be required.

The key objectives of the new well are:

o To successfully complete drilling operations to TD safely and without harm to people, the environment or equipment.

o To successfully twin the original well and intersect the same Cane Creek reservoir natural fracture system identified by it.

o To confirm the presence of hydrocarbons as found by the original well, and further appraise the Cane Creek reservoir at Zephyr's federal White Sands Unit.

o Should the original well result be replicated, to assess the reservoir productivity by flow testing the new well.

Drilling operations are expected to take approximately 30 days from the date of spud. After reaching TD, a completion and well test crew will be mobilised to complete the short horizontal section and test any productive natural fracture system intersected by the new well.

Colin Harrington, Zephyr's CEO commented: "We are excited about the commencement of drilling operations with a goal to deliver a safe and timely drilling operation followed by a successful well test."

"We look forward to keeping our stakeholders updated as drilling progresses and believe that these operations will be the catalyst to further unlock the significant potential of the Paradox project."

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