Business
Award of rig contract to Helmerich & Payne
Award of rig contract to Helmerich & Payne.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n\nPrior 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 \n15 March 2024\n \nZephyr Energy plc\n(\"Zephyr\" or the \"Company\")\n \nAward of rig contract to Helmerich & Payne\n \nZephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations, is pleased to announce that following a detailed selection process, Zephyr has signed a rig contract with Helmerich & Payne (\"H&P\") for its Rig 257 which will be used to redrill the State 36-2 well (the \"State 36-2R well\") on the Company's project in the Paradox Basin, Utah, U.S. \n \nRig 257 is a Flex 3 1,500HP drilling rig fully capable of drilling the planned well and managing the high reservoir pressures expected to be encountered. The rig is wrapping up a sustained and successful drilling campaign in the nearby Uinta Basin and will mobilise to the State 36-2R well site in the near-term, with an expected spud in mid-April. In the meantime, the Company plans to mobilise a spudder rig to site in order to set the conductor casing ahead of the larger drilling operation.\n \nColin Harrington, Zephyr's Chief Executive, said:\n \n\"We are pleased with the swift progress made by Zephyr's operational team in securing the rig contract with H&P following the recent final permit award, and believe that Rig 257 is particularly well suited for the State 36-2R drill. The focus is now on drilling the well safely and efficiently, with full drilling operations expected to start in mid-April.\"\n \n\"We look forward to keeping our investors well-informed as operations develop at the well site.\"\n \nContacts:\n \n\n\n\n\nZephyr Energy plc\nColin Harrington (CEO)\nChris Eadie (CFO)\n \n\n\n Tel: +44 (0)20 7225 4590\n\n\n\n\nAllenby Capital Limited - AIM Nominated Adviser\nJeremy Porter / Vivek Bhardwaj\n \n\n\n Tel: +44 (0)20 3328 5656\n \n\n\n\n\nTurner Pope Investments - Joint Brok...