State 16-2LN-CC operations update

RNS Number : 1650P

Zephyr Energy PLC

15 October 2021

 

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.

15 October 2021

Zephyr Energy plc

("Zephyr", the "Company" or the "Group")

State 16-2LN-CC operations update;

Equipment and materials on site; and

Completion operations to commence 18 October 2021

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations, provides an update on operational activity on its flagship project in the Paradox Basin, Utah (the "Paradox project").

The Company is pleased to announce that all equipment and materials required for hydraulic stimulation (including water tanks, water and proppant materials) have been successfully mobilised to the State 16-2LN-CC well pad, and that completion operations are scheduled to commence on Monday 18 October 2021.

It is anticipated that completion of the well will be finished in under a week, at which point the Company will commence production testing. The Company will provide an update on initial production volumes as soon as possible thereafter, once the well has cleaned up and testing is completed.

Colin Harrington, Zephyr's Chief Executive, said: " In spite of the significant supply-chain and weather issues impacting our industry, I'm delighted that we're ready to commence completion operations in the manner we expected.  I'd like to thank our operations team and third party contractors for their hard work and professionalism in helping us overcome these widespread logistical hurdles.

"I'd also like to once again thank our Shareholders for their continued support of Zephyr.  Last night, I was honoured that Zephyr won the "Best Performing Share Award" at the 2021 AIM Awards event - and I am fully aware that this achievement would not have been possible without the extraordinary dedication of our team, our Board, our advisers and our investors.  While I'm sorry I could not attend the event in person and am proud of what we've achieved over the past twelve months, I want to reiterate that my focus remains one hundred per cent on our current operations and future performance. 

"I look forward to reporting from the well site next week as we launch a new chapter in the Company's history with the completion of the first in a series of planned wells on our Paradox asset."

Contacts:

Zephyr Energy plc Colin Harrington (CEO) Chris Eadie (CFO)	Tel: [phone]
Allenby Capital Limited - AIM Nominated Adviser Jeremy Porter / Liz Kirchner	Tel: [phone]
Turner Pope Investments - Broker James Pope / Andy Thacker Flagstaff Strategic and Investor Communications - PR Tim Thompson / Mark Edwards / Fergus Mellon	Tel: [phone] Tel: [phone]

 

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