Zephyr starts drilling activities at Paradox Basin well

22nd Mar 2024 16:38

(Sharecast News) - Rocky Mountains-focussed oil and gas operator Zephyr Energy announced the start of drilling activities at the State 36-2R well at its primary project in Utah's Paradox Basin on Friday.

The AIM-traded firm said that following its announcement on 15 March, a compact and cost-effective spudder drilling rig was deployed to the well site on 20 March.

That rig executed a preliminary drilling phase, boring a 30-inch hole to a depth of 96 feet and successfully installing 20-inch conductor casing, with all operations conducted safely.

Subsequent drilling phases would be undertaken using the Helmerich & Payne rig 257 (H&P rig), as previously disclosed on 15 March.

The H&P rig had now been mobilised to the well site, and was scheduled to begin rig-up activities in mid-April, paving the way for the start of larger-scale drilling operations.

"We continue to make good progress at the well-site and are well prepared for the next phase of drilling which is expected to commence in mid-April," said chief executive officer Colin Harrington.

At 1618 GMT, shares in Zephyr Energy were up 15.63% at 3.7p.

Reporting by Josh White for Sharecast.com.