Zephyr Energy PLC State 16-2 LN-CC well -- Production test commenced (1908I)
01 Dezembro 2022 - 4:00AM
UK Regulatory
TIDMZPHR
RNS Number : 1908I
Zephyr Energy PLC
01 December 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.
1 December 2022
Zephyr Energy plc
(the "Company" or "Zephyr")
State 16-2 LN-CC well - Commencement of production test
Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain
oil and gas company focused on responsible resource development and
carbon-neutral operations, is pleased to announce that, following
the completion of facilities construction and commissioning
operations, the next phase of production testing has commenced on
the State 16-2 LN-CC well (the "well") and hydrocarbons are now
flowing from the well. The well is located on the Company's
flagship project in the Paradox Basin, Utah, in the United States
of America (the "U.S.") (together the "Paradox project").
The well was successfully drilled, completed, and tested in
December 2021. Initial production rates peaked at approximately
1,100 barrels of oil equivalent per day despite production being
constrained and heavily choked throughout the initial production
test due to surface equipment limitations, details of which were
announced by the Company on 8 December 2021.
Since the initial test, Zephyr's operations team, working with
specialised facility consultants, spent significant time designing
and augmenting surface facilities at the well in order to:
a) test plans for improved flow assurance;
b) prepare for eventual gas export and continual production
operations; and,
c) obtain further production data for overall well and field
management.
Further updates from the production test are expected to be
provided as appropriate in the coming weeks.
Colin Harrington, Zephyr's Chief Executive, said: "I am pleased
to announce that following the completion of the significant
upfront planning, design, construction and commissioning
operations, the next phase of production testing has commenced and
hydrocarbons are once again being produced from the well.
" I would especially like to commend our operations team and
contractors who worked tirelessly to get the facilities completed
and the test underway, particularly as this work has taken place in
parallel with the ongoing drilling of our State 36-2 LNW-CC
well.
"We look forward to keeping our stakeholders informed as the
test progresses over the coming weeks - and, as always, we will
endeavour to operate in line with our core mission: to be
responsible stewards of our investors' capital and responsible
stewards of the environment in which we work."
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 with the State
36-2 LNW-CC well - 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$40-45 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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