ZEPHYR ENERGY PLC

(MT Newswires) -- Shares in Zephyr Energy (ZPHR.L) were up 4% Thursday afternoon after the oil and gas company said drilling works at the State 16-2 well in the Paradox Basin in Utah, US, were successful.

The group said the State 16-2 stratigraphic test well was drilled to 9,745 feet 19 days after spud, a marked improvement over historical drilling efforts in the area.

The fast drilling process represents a "major operational success," with Zephyr estimating this could turn into a reduction in earlier cost forecasts.

Finished primary works at the State 16-2 well, Zephyr said horizontal lateral drilling works are underway. If successful, the State 16-2 lateral would deliver first commercial production from the Paradox project.