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Zephyr Energy PLC - Rocky Mountains-focused oil and gas company - Says removal of damaged tubing at State 36-2 well has progressed slower than expected due to poor condition of tubing. This comes after a control incident at State 36-2 well in April. Due to delay, says it will redrill a ‘twinned’ well. Chief Executive Officer Colin Harrington comments: ‘Benefits from a redrill include obtaining a new wellbore and utilising the learnings from the State 36-2 well operations to date, and we expect that our well control insurance coverage will cover substantially all costs associated with the redrill. Furthermore, I am confident that our operations team will be able to deliver an effective twin well and once again access the considerable productivity we observed in the original well bore.’ Current stock price: 2.96 pence, down 4.5% 12-month change: down 47% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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