Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) chief executive Colin Harrington speaks to Thomas Warner after the Rocky Mountain-focused oil and gas company released a fresh update on its work in the Paradox Basin.
Harrington starts by giving an update on the company's State 36-2 LNW-CC well, which back in April experienced a control incident during which hydrocarbons flowed unconstrained for four days due to the failure of a safety valve. He explains that after exploring multiple ways to move forward with the well the decision has been taken to proceed with a redrill of a "twinned" well from an adjacent location on the same drilling pad.
The Company said in its accompanying RNS that it retains full well control insurance coverage and expects to recover substantially all costs associated with the well control incident, including those associated with the redrill. He goes on to give an update on the Greentown Federal 28-11 well and also announces an agreement to further expand the Paradox project by farming-in to the Salt Wash Field, a previously producing asset with proven oil, gas and helium reserves located directly to the south of Zephyr's White Sands Unit in Utah.
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