Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) updated investors on its drilling operations in Utah, where the State 36-2 LNW-CC-R well in the Paradox Basin is making progress in line with expectations.
The well has reached a depth of 6,010 feet, on the way to its planned total depth of 10,362 feet, with a 270-foot horizontal reservoir section.
Its next phase will see drilling through the Paradox formation into the target Cane Creek reservoir zone, Zephyr noted in a statement.
At Williston, North Dakota, the company’s non-operated producing well portfolio achieved production volumes in line with expectations, it added.
Meanwhile, the company also reported a small warrant exercise, resulting in £7,500 of gross proceeds.