Zephyr Energy on track with Paradox Basin development

Rocky Mountains-focussed oil and gas company Zephyr Energy updated the market on its flagship project in Utah’s Paradox Basin on Friday, reporting that all equipment and materials required for hydraulic stimulation had been mobilised to the State 16-2LN-CC well pad.

The AIM-traded firm said completion operations were scheduled to begin on 18 October.

It said it expected completion of the well to be finished in less than a week, at which point it would start production testing.

The company said it would update the market on initial production volumes as soon as possible after that, once the well had cleaned up and testing was complete.

“In spite of the significant supply chain and weather issues impacting our industry, I'm delighted that we're ready to commence completion operations in the manner we expected,” said chief executive officer Colin Harrington.

“I look forward to reporting from the well site next week as we launch a new chapter in the company's history with the completion of the first in a series of planned wells on our Paradox asset.”

At 1407 BST, shares in Zephyr Energy were up 5.61% at 7.34p.