 jumped by 10.18% on Monday as the company provided an update from the Paradox basin, Utah.){kind=link}
Zephyr Energy Share Price
The Zephyr Energy share price (LON:ZPHR) jumped by 10.18% on Monday as the company provided an update from the Paradox basin, Utah. It is the latest spike in what has been a volatile past two months for the oil and gas exploration company.
However, over the past six months, the performance of the Zephyr Energy share price has been outstanding, adding 181.86%. While there is still further information to come from the drilling results, today’s news will be well received by investors in the Zephyr Energy share price.
Successful Results
Having finished its drilling operations at the State 16-2LN-CC well at the Paradox Basin, Zephyr Energy said it successfully located the primary Cane Creek reservoir target.
The AIM-listed company also encountered a number of secondary targets.
Some 4,555 ft of Cane Creek reservoir was penetrated including the lateral part of the well, the energy company confirmed.
Initial results also show hydrocarbon charge across the entirety of the Cane Creek reservoir.
“We hit the Cane Creek reservoir target with success and stayed within that reservoir across the entire lateral portion of the well,” said chief executive Colin Harrington. “Now that we’ve set production casing, we have an excellent well bore from which to complete the well and test production from the Cane Creek reservoir – and the log data gathered during drilling operations will help determine the optimal method by which to do so.”
“The evaluation of the logs is underway, and we will keep our shareholders informed in the coming days when the output from that analysis is finalised and the method for completing the well is selected.”