The initial tranche of grant funds received the appointment of Drilling Manager and further State 16-2 well updates.
Zephyr Energy plc (AIM: ZPHR), an oil and gas company focused on responsible resource development in the Rocky Mountain region, provides an update on its project in the Paradox Basin, Utah, U.S. ( the “Paradox” or the “Paradox project”) where the Company is preparing to spud the ‘dual-use’ State 16-2 well before the end of the year.
Colin Harrington, Zephyr’s Chief Executive, said “I am delighted with the progress made to ensure a successful and timely spud of the State 16-2 well.
“In particular, I’m very pleased to welcome Bruce to our project team – I’m not aware of anyone who’s drilled more successful horizontal Paradox Basin wells over the last decade. I know he is excited to continue to deliver safe and successful wells within this basin, and to continue the process of overseeing systematic well cost reductions to improve future project profitability.
“Bruce’s direct drilling experience in the Paradox Basin will be absolutely invaluable as we move forward with our own drilling activity – activity which we believe will also benefit from our excellent 3D seismic coverage and site selection of a top-ranked location in our portfolio.
“I’d also like to continue to thank the EGI and our other Utah-based partners, all of whom are working very hard to assist Zephyr with the launch of this exciting project. I’m very encouraged by the momentum that we are building.
“We will keep the market updated regularly as we work to unlock the value from our Paradox Basin holdings.”
