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An announcement from Zephyr Energy ( (GB:ZPHR) ) is now available.
Zephyr Energy has announced the award of a rig contract to Nabors Drilling USA for its B29 rig to drill an extended lateral in their Paradox Basin project in Utah. This strategic move, following the securing of wellbore-level funding, aims to increase recoveries from the Cane Creek reservoir, with drilling operations commencing in January 2025. The operation is expected to significantly boost Zephyr’s oil production capabilities, with results anticipated by March 2025 and further development planned to integrate the new well into existing infrastructure.
More about Zephyr Energy
Zephyr Energy plc is a technology-led oil and gas company focused on responsible resource development with carbon-neutral operations in the Rocky Mountain region of the United States. The company’s flagship asset is a significant leaseholding in the Paradox Basin, Utah, with assessed reserves and resources. Zephyr also holds interests in non-operated producing wells in the Williston Basin, with cash flow from these assets supporting further development and potential acquisitions.
YTD Price Performance: 11.11%
Average Trading Volume: 2,962,346
Technical Sentiment Consensus Rating: Strong Buy
Current Market Cap: £52.52M
See more insights into ZPHR stock on TipRanks’ Stock Analysis page.
