9th Aug 2021 10:45
(Alliance News) - Zephyr Energy PLC on Monday announced the completion of drilling operations at its flagship project in Utah's Paradox Basin, in the US.
The oil exploration and production firm said its State 16-2LN-CC well was successfully drilled to a 14,000 feet depth and encountered the primary Cane Creek reservoir target as well as secondary targets in overlying reservoirs.
Berkshire-based Zephyr shares were trading up 9.7% to 6.03 pence in London following the announcement.
The Cane Creek reservoir target indicated "hydrocarbon charge across its entirety",with multiple overlying reservoirs also indicating hydrocarbon charge.
Analysis of the data is now underway, Zephyr notes, which will inform the selection of an optimal well completion method and is expected to be determined over the next week.
Based on the positive indications gathered, Zephyr chose to set production casing in anticipation of upcoming completion and production testing activity.
Zephyr's Chief Executive Colin Harrington said: "I am delighted to announce the safe and successful conclusion of drilling operations. I'm even more pleased that we hit the Cane Creek reservoir target with success and stayed within that reservoir across the entire lateral portion of the well.
"Now that we've set production casing, we have an excellent well bore from which to complete the well and test production from the Cane Creek reservoir - and the log data gathered during drilling operations will help determine the optimal method by which to do so."
By Will Paige; [email protected]
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