Business
Award of Grant Funding
Award of Grant Funding.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \n \n 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.\n \n \n \n \n \n \n \n \n 9 December 2022\n \n \n \n Zephyr Energy plc\n \n \n \n (the \"Company\" or \"Zephyr\")\n \n \n \n \n \n \n Award of Grant Funding\n \n \n \n \n Additional $1m from\n U.S. Department of Energy\n \n \n \n \n to further develop understanding of Cane Creek and overlying reservoirs\n \n \n \n \n \n \n \n \n Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development\n and carbon-neutral operations\n , is pleased to announce the signing of an amended cooperation agreement detailing an additional US$1.0 million\n in non-dilutive research grant funding for the Company. These funds will be utilised for data gathering purposes during the ongoing drilling of Zephyr's State 36-2 LNW-CC\n well (the \"well\") in the Paradox Basin, Utah, U.S. (the \"Paradox project\").\n \n \n \n \n \n Zephyr initially received a total of US$2.1 million in U.S. government-backed research grant funding for operations at its State 16-2 well in 2020 and 2021 (as first announced by the Company on 2 September 2020). Since then, Zephyr's technical team has worked closely\n with the research project team which is led by the \n University of Utah's\n \n Energy & Geoscience Institute\n (\"EGI\") in collaboration with the \n Utah Geological Survey\n (the \"UGS\") and other \n Utah\n -based partners. The project funding continues to be sponsored by the \n U.S. Department of Energy\n and its \n National Energy Technology Laboratory\n (the \"\n DOE\n \").\n \n \n \n \n \n The objective of the additional funding is to acquire further geological data to assist in the understanding of the Cane Creek reservoir and of the additional reservoirs overlying the Cane Creek reservoir. \n \n \n \n \n \n The following is a summary of the main objectives related to the additional grant monies:\n \n \n \n \n \n ·\n To fund a Distributed Acoustic Sensor (DAS) fibre in the la...