Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) told investors that initial site operations have begun for the Salt Wash helium project’s commitment well.
This initial work includes the preparation of the drilling pad and fencing of the site perimeter.
Full drilling operations are anticipated to begin in early 2025.
Zephyr Energy said it is actively engaging with potential industry and financial partners to explore funding options for the well at the asset level.
“We are making steady progress on the project, particularly in advancing funding options, and we look forward to getting full drilling operations underway next year,” Zephyr chief executive Colin Harrington said in a statement.
"We remain confident in the significant potential value uplift the Salt Wash project represents, and we fully intend to unlock this value for our shareholders.”
Meanwhile, Zephyr is progressing with the second phase of production testing at the State 36-2R well. It includes testing at various rates and choke settings over multiple planned time periods.
Zephyr plans to complete the technical analysis and share the results within the next few days.
Harrington added: “we look forward to the completion of the State 36-2R well production test and sharing the results in the coming days."