Zephyr has this morning confirmed that its project acreage in the Paradox Basin, Utah, USA (the ‘Paradox’), has been selected for a vertical stratigraphic test well funded by the US Department of Energy and its National Energy Technology Laboratory (‘USDoE’).
Available through an existing grant awarded to the University of Utah’s Energy & Geoscience Institute (‘EGI’) in collaboration with the Utah Geological Survey (the ‘UGS’), this development could result in the first well spudded on the Group’s Paradox acreage before the end of calendar 2020.
In addition to progressing this asset, Zephyr’s Board also continues to evaluate production/development opportunities in the prolific Denver-Julesburg Basin, which it considers presents ‘multiple attractive’ investment opportunities that could potentially be added to the Group’s portfolio. Zephyr’s management looks forward to updating investors on both fronts in the near-term.
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