Zephyr Energy Plc (LON:ZPHR) is clear to drill the State 16-2LN-CC well in the Paradox basin project in Utah after securing the final necessary approvals from authorities.
It is preparing to spud the appraisal well which is designed to gather important data and establish first production for the company in the Paradox project.
The company anticipates spudding the well in July, in line with previous forecasts. It is presently working to finalise the key project contracts.
“Securing all approvals and consents needed to drill the State 16-2LN-CC is another step in our efforts to unlock significant value from what we believe is a project of substantial scale,” said chief executive Colin Harrington.
"We are now well-positioned to finalise drilling preparations and third-party service contracts in advance of the proposed well spud next month."
The Utah progress comes in parallel to a production boost at the recently acquired interests in the Williston Basin, North Dakota, where wells are in the process of being brought online for production.