Zephyr Energy (GB:ZPHR) has released an update.
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Zephyr Energy has announced its decision to drill an extended lateral on the State 36-2R well in Utah’s Paradox Basin, potentially increasing recoveries to two million barrels of oil equivalent. A non-binding Letter of Intent has been signed with a U.S. industry investor to fully fund the project, allowing Zephyr to retain the majority of economic benefits without equity issuance. Drilling is expected to commence by early 2025, with the company optimistic about securing the necessary funding and equipment.
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