Business
Paradox well to be spudded by year-end
Paradox well to be spudded by year-end.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0241B\n Zephyr Energy PLC\n 05 October 2020\n \n \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 Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n \n 5 October 2020\n Zephyr Energy plc\n (the \"Company\" or \"Zephyr\")\n \n Dual-purpose well to be spudded on Paradox project by year-end\n - US$2m funding from the U.S. Department of Energy;\n owned and operated by Zephyr\n \n \n \n Zephyr Energy plc (AIM: ZPHR), the Rocky Mountain oil and gas company focused on responsible resource development, provides an update on its project in the Paradox Basin, Utah, U.S. (\n the \"Paradox\" or the \"Paradox project\"). \n \n \n \n \n \n As previously announced, Zephyr has been working with a project team led by the University of Utah's Energy & Geoscience Institute (\"EGI\"), in collaboration with the Utah Geological Survey (the \"UGS\") and other Utah-based partners. This project is sponsored by the U.S. Department of Energy and its National Energy Technology Laboratory (the \"DOE\").\n \n \n \n \n \n On 2nd September 2020, the Company announced that EGI had selected a Zephyr leasehold pad from which to drill a vertical stratigraphic research well, subject to final funding terms and permitting. The well's objective would be to facilitate the acquisition of additional geologic data so that more efficient and less environmentally-impactful oil production strategies could be developed for the northern Paradox Basin.\n \n \n \n \n \n Today, Zephyr is delighted to announce it has entered into a definitive binding agreement (the \"Agreement\") with EGI to sanction and fund US$2 million towards the planned stratigraphic research well. The well's primary objective will be to acquire a comprehensive data set across the Cane Creek reservoir. The well has also been designed to facilitate re-use, which will allow the potential for future drilling of a horizontal appraisal lateral from the wellbore after the initial data acquired has been processed and evaluated. Given the significant commercial benefits of po...