Turner Pope Research Note, 20 February 2025
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| Zephyr has confirmed drilling operations at the State 36-2 LNW-CC-R well (‘the Well’) have been completed safely and successfully. The trajectory of the Well’s extended lateral section (the ‘lateral’) was drilled to a total depth of 15,288 feet (measured depth) as planned and correlated strongly with existing 3D seismic data. 97% of the lateral was drilled within the Cane Creek reservoir section, demonstrating ability to accurately steer within the reservoir across a structurally complex play. Encouragingly, elevated mud gas levels with notable peaks were evident throughout the drilling of the Cane Creek reservoir. Zephyr’s operations team is now preparing to run casing across the drilled section after which the Nabors rig will be demobilised from the site. It will then mobilise equipment for the completion and production testing of the reservoir zone. Results are expected to be announced by the end of March 2025. We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to Zephyr Energy plc. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination. The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient. |
