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Successful State 16-2LN-CC production test
Successful State 16-2LN-CC production test.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9039U\n Zephyr Energy PLC\n 08 December 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 \n 8 December2021\n \n \n Zephyr Energy plc\n \n \n (\"Zephyr\" or the \"Company\")\n \n \n \n \n \n Extensive State 16-2LN-CC production test successfully concluded;\n \n \n Proven rate-constrained production high of 1,083 barrels of oil equivalent per day;\n \n \n Simulation modelling indicates potential rates of 2,100 barrels of oil equivalent per day;\n \n \n Highly successful appraisal suggests large hydrocarbon resource\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 from carbon-neutral operations, is pleased to provide an update on the production testing of the State 16-2LN-CC well \n at its Paradox Basin project in Utah.\n \n The Company is delighted to announce the completion of a safe and highly successful well test. After 23 days of production testing, the well has demonstrated the potential to drain a larger hydrocarbon resource and with stronger economics than initially forecast. Zephyr is now proceeding with plans to equip the well and facilitate the export and/or sale of hydrocarbons.\n \n The State 16-2LN-CC well was the first in the Northern Paradox Basin to flow hydrocarbons from a horizontal well with a modern hydraulically stimulated completion design, and the Company's Board of Directors (the \"Board\") believes the results of the production test provide substantial justification for wider development of Zephyr's Paradox project.\n \n \n \n \n Overview\n \n \n \n \n \n · \n During the test, the well averaged rate-constrained daily rates of 716 barrels of oil equivalent per day (\"boepd\"), with rate-constrained highs of 1,083 boepd achieved with limited pressure drawdown.\n \n \n · \n Initial simulation modelling suggests possible plateau rates of 2,100 boepd are possible when the well is fully equipped and no longer rate-constrained.\n \n o&nb...