Zephyr Energy, the Rocky Mountain oil and gas company, has announced that following a detailed selection process, Zephyr has signed a rig contract with Helmerich & Payne for its Rig 257 which will be used to redrill the State 36-2 well (the 'State 36-2R well') on the Company's project in the Paradox Basin, Utah, U.S.
Rig 257 is a Flex 3 1,500HP drilling rig fully capable of drilling the planned well and managing the high reservoir pressures expected to be encountered. The rig is wrapping up a sustained and successful drilling campaign in the nearby Uinta Basin and will mobilise to the State 36-2R well site in the near-term, with an expected spud in mid-April. In the meantime, the Company plans to mobilise a spudder rig to site in order to set the conductor casing ahead of the larger drilling operation.
Paradox Project
Zephyr Energy's flagship asset is an operated 46,000-acre leaseholding located in the Paradox Basin, Utah which has been assessed by third party consultants Sproule International to hold, net to Zephyr, 2P reserves of 2.6 mmboe, 2C resources of 34 mmboe and 2U resources 270 mmboe.
The Paradox is a proven, productive basin characterised by a longstanding exploration and production history.
Colin Harrington, Zephyr's Chief Executive, said:
'We are pleased with the swift progress made by Zephyr's operational team in securing the rig contract with H&P following the recent final permit award, and believe that Rig 257 is particularly well suited for the State 36-2R drill. The focus is now on drilling the well safely and efficiently, with full drilling operations expected to start in mid-April.
'We look forward to keeping our investors well-informed as operations develop at the well site.'
Source: Zephyr Energy
