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State 16-2 Well Update
State 16-2 Well Update.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6287L\n Zephyr Energy PLC\n 14 January 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 Market Abuse Regulation No. 596/2014. With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n \n 14 January 2021\n Zephyr Energy plc\n (the \"Company\" or \"Zephyr\")\n \n State 16-2 Well Update\n Drilling & data acquisition completed ahead of schedule;\n 113 feet of continuous core and open hole logs secured;\n initial indications suggest presence of hydrocarbons across multiple reservoir intervals;\n data evaluation efforts now underway\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. (the \"Paradox\" or the \"Paradox project\") and progress with the State 16-2 well\n . \n \n \n \n \n \n Zephyr is delighted to announce that the State 16-2 stratigraphic test well was successfully drilled to a measured depth of 9,745 feet total depth (\"TD\"). Drilling operations were safe and effective, were conducted in accordance with Covid-19 related guidance and restrictions, and were completed well within the Company's forecast timeframe.\n \n \n \n \n Zephyr's primary objective was to drill and set casing at 6,437 feet measured depth in order to provide a host wellbore for a future horizontal side track. The Company achieved this goal within 13 days from spud - and subsequently reached TD within 19 days of spud, a marked improvement over historical drilling efforts in this part of the Paradox Basin. The reduction in drilling time represents a major operational success, and demonstrates that the cost of future development wells can be significantly reduced from earlier estimates, thereby improving the overall potential value of the Paradox project for Shareholders.\n \n \n \n \n Zephyr's secondary objective was to acquire new data to improve the understanding of its Paradox acreage position. The Board of Zephyr is pleased to report that Zephyr's data acquisition programme successfully secured the following:\n \n \n · \n Approximatel...