(NewsDirect)
Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF)chief executive Colin Harrington speaks to Thomas Warner after theRocky Mountain-focused oil and gas company released a fresh update onits work in the Paradox Basin.
Harrington starts by giving an update on the company's State36-2 LNW-CC well, which back in April experienced a control incidentduring which hydrocarbons flowed unconstrained for four days due tothe failure of a safety valve. He explains that after exploringmultiple ways to move forward with the well the decision has beentaken to proceed with a redrill of a "twinned" well from anadjacent location on the same drilling pad.
The Company said inits accompanying RNS that it retains full well control insurancecoverage and expects to recover substantially all costs associatedwith the well control incident, including those associated with theredrill. He goes on to give an update on the Greentown Federal 28-11well and also announces an agreement to further expand the Paradoxproject by farming-in to the Salt Wash Field, a previously producingasset with proven oil, gas and helium reserves located directly to thesouth of Zephyr's White Sands Unit in Utah.
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