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Zephyr Energy to drill side-track well at Paradox Basin project in Utah
StockMarketWire.com
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Oil company Zephyr Energy said it had decided to drill a side-track well at its Paradox Basin project in Utah.
Analysis of the recently drilled State 16-2 well provided further evidence of hydrocarbon saturation across the Cane Creek reservoir.
'Zephyr's board has therefore elected to proceed with the near-term drilling of a side track lateral off the State 16-2 well,' the company said.
It was targeting a spud date late in the first half or early in the second half of 2021, subject to final permitting, funding and internal approvals.
'The company is in advanced discussions with potential industry and financial partners regarding the funding of the lateral well,' Zephyr said.
Story provided by StockMarketWire.com
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