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Positive State 16-2LN-CC well log data analysis
Positive State 16-2LN-CC well log data analysis.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9617I\n Zephyr Energy PLC\n 18 August 2021\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 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 18 August 2021\n Zephyr Energy plc\n (the \"Company\" or \"Zephyr\")\n \n Positive results from the analysis of the State 16-2LN-CC well log data;\n initiation of diagnostic fracture injection test;\n and next steps\n \n \n Zephyr Energy plc (AIM: ZPHR) \n (OTCQB: ZPHRF)\n , the Rocky Mountain oil and gas company focused on responsible resource development and carbon-neutral operations, provides an update on its flagship project in the Paradox Basin, Utah, U.S.A.\n \n \n \n \n The Company recently drilled the State 16-2LN-CC well to a Total Depth (\"TD\") of 14,370 feet (\"ft\"), at which point a full suite of wireline logs was run and production casing was set. During drilling operations, the Cane Creek reservoir target indicated hydrocarbon charge across its entirety based on wireline logs, cuttings and mud gas readings. Multiple overlying reservoirs also indicated hydrocarbon charge.\n \n \n \n \n \n The Company is now pleased to report that the initial analysis of wireline log and other data from the State 16-2LN-CC has been completed.\n \n \n \n \n \n Highlights\n \n \n \n \n \n ·\n The horizontal portion of the well penetrated 4,555 ft of the Cane Creek reservoir. Wireline log data suggests a high percentage of the lateral portion of the well (approximately 85 per cent) can be completed for production.\n \n \n \n \n \n · \n The State 16-2LN-CC well drainage area from the Cane Creek reservoir is estimated to hold a potential 1.2 to 4.5 million barrels of oil equivalent (\"mmboe\") of hydrocarbons in place.\n \n \n \n \n \n ·\n Ultimate well performance and recoverable oil and gas will be determined by matrix permeability, reservoir pressure, the level of moveable water in the reservoir and the degree of successful stimulation:\n \n \n o \n Primary reservoir facies show average porosity of approximately 7 per cent, rising to approximately 12 pe...