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Transformed Zephyr Energy continues production led growth

Last updated: 07:46 15 Mar 2024 GMT, First published: 15:45 04 Dec 2023 GMT

Snapshot

  • Zephyr Energy inks rig contract for next Paradox well
  • Zephyr Energy: Broker lauds oiler's two-pronged strategy
  • Zephyr Energy to proceed with redrill at State 36-2 well
Oil rig

About the company

Zephyr Energy PLC 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 has a balanced portfolio of operated and non-operated assets, located in two established oil-producing basins in the Rocky Mountain region.

How it is doing

15 Mar 2024

Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) has announced the signing of a rig contract with Helmerich & Payne for its State 36-2R well in the Paradox basin, in Utah.

It contracts the deployment of Rig 257, designed to manage the high reservoir pressures during drilling, and is expected to mobilise soon – in time to begin drilling operations in mid-April.

First, Zephyr is expected to mobilise a spudder rig to the site to start the well.

"We are pleased with the swift progress made by Zephyr's operational team in securing the rig contract with H&P following the recent final permit award, and believe that Rig 257 is particularly well suited for the State 36-2R drill,” chief executive Colin Harrington said.

11 Mar 2024

Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) is now counting down to the next important phase of operations at the Paradox project, in Utah, where drilling is expected to begin in mid-April.

The company, in a statement, said it is in the final stages of planning for the redrill of the State 36-2 well with insurance expected to cover a significant portion of the redrill costs.

29 Feb 2024

Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) announced an uptick in its fourth-quarter production volumes, which averaged 1,053 barrels oil equivalent per day (boepd), a 7% increase from the previous quarter.

The company, in a statement, highlighted significant contributions from the Slawson wells, which, despite temporary setbacks due to weather and infrastructure challenges, resumed production in January 2024.

What the brokers say

16 Feb 2023

A City broker has lauded the investment strategy of Zephyr Energy PLC, after two material announcements in as many days.

On Tuesday the oiler said it was ready to put its latest well in Utah’s Paradox Basin into production.

It followed this with an update on the financial performance of its non-operated assets in North Dakota’s Williston Basin, which last year generated a better-than-expected US$42.9mln.

What management says

18 Oct 2023

 

Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) chief executive Colin Harrington speaks to Thomas Warner after the Rocky Mountain-focused oil and gas company released a fresh update on its work in the Paradox Basin.

Harrington starts by giving an update on the company's State 36-2 LNW-CC well, which back in April experienced a control incident during which hydrocarbons flowed unconstrained for four days due to the failure of a safety valve. He explains that after exploring multiple ways to move forward with the well the decision has been taken to proceed with a redrill of a "twinned" well from an adjacent location on the same drilling pad.

Zephyr Energy reports strong fourth quarter with production increase and...

Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) CEO Colin Harrington provides an update on the company's fourth-quarter production and future plans in an interview with Proactive London's Stephen Gunnion. Harrington highlighted a 7% increase in average production across the quarter, with...

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