No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(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.
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.
