Zephyr Energy plc 是一家专注于负责任的资源开发和碳中和运营的落基山石油和天然气公司，该公司很高兴提供有关该公司位于美国犹他州 Paradox Basin 的旗舰项目 State 36-2R LNW-CC 井（“井”）运营的最新信息（“Paradox 项目”）。

该公司已完成该井生产测试的初始阶段，其中以多种速率和节流设置对该井进行了测试，以确定其生产潜力。

初步生产测试观察结果包括：
· 储层产能高，初始储层压力高（绝对压力约为 8,600 磅/平方英寸）。

· 生产测试期间达到的峰值产量为每天 1,350 桶油当量，在此水平下，油井仍然受阻且受限。·

凝析油产量明显高于 Zephyr 之前钻探的 Paradox 项目井（凝析油产量比 State 16-2LN-CC 井高出三倍以上）。未来的生产率可能会受到控制，以促进稳定的流量并最大限度地提高高凝析油产量的经济效益。

o 凝析油产量平均为每 1,000 百万立方英尺产出 180 桶，最高时达到每天 600 多桶。所产凝析油的平均美国石油协会 (API) 比重为 58 度，是犹他州炼油市场非常青睐的油桶。迄今为止，从该井产出的凝析油以接近当前 WTI 原油价格（包括运输成本）的价格出售给犹他州的一家炼油厂。o

液体产量的提高有可能成为经济效益改善的重要推动力，并可能增加公司白沙油田的可采液体量。o

几乎没有水产出的证据，通过减少水处理需求，这又可能提高该井的经济效益。

虽然初步测试在多个方面都取得了成功，但也有证据表明，天然裂缝网络可能被部分阻塞，无法与该井位置的较大储层相连接。裂缝网络可能被用于井控目的的重量级钻井泥浆堵塞（来自该井和原始的 State 36-2 井），也可能被断层隔开。

该公司计划对油井进行“酸化”，以进一步从天然裂缝网络中去除任何钻井泥浆乳液，并最大限度地提高油井与较大储层的连通性。预计此次作业将于 8 月上半月进行，随后将立即进行第二次生产测试。

该公司正在评估进一步改善油井连通性的方案（如果需要）。在更高层次上，Zephyr 的团队还开始评估更广泛的开发方案，以利用整体更高的凝析油产量和高储层产能带来的积极效益，作为更大资产开发计划的一部分。

Zephyr 首席执行官 Colin Harrington 表示：
“我们对初步生产测试的结果感到满意。该油井表现出色，凝析油产量持续高于预期，这两项指标对于我们更广泛的 Paradox 资产基础的潜在价值而言都是非常令人鼓舞的迹象。

”“迄今为止，从该油井生产的凝析油桶已经过测试，并以接近当前 WTI 原油价格（包括卡车运输成本）的价格出售，这表明未来当地炼油市场对这些桶的需求可能很大。”

“我们的下一步是进一步清理附近的油藏，以尽量提高油井与较大油藏的连通性，然后立即进行第二次生产测试。该测试的数据将用于确定我们未来的开采和加工要求。

我们期待在未来几周内向股东通报最新进展。”

Zephyr Energy plc, the Rocky Mountain oil and gas company focused on responsible resource development and carbon-neutral operations, is pleased to provide an update on operations on the State 36-2R LNW-CC well (the "well") at the Company's flagship project in the Paradox Basin, Utah, U.S. (the "Paradox project").

The Company has completed the initial phase of the production test on the well, in which the well was tested at multiple rates and choke settings to ascertain its production potential.

Initial production test observations include:
· High reservoir deliverability and high initial reservoir pressures (approximately 8,600 pounds per square inch absolute).

· Peak production rates achieved during the production test were 1,350 barrels of oil equivalent per day, at which level the well was still choked back and constrained.

· Significantly higher condensate-yield than Zephyr's previously drilled Paradox project well (with more than a three-fold increase in condensate rate versus that from the State 16-2LN-CC well). Future production rates would likely be controlled to facilitate stable flows and maximise economics from the high condensate yield.

o Condensate yield averaged 180 barrels per 1,000 mscf produced and peaked at over 600 barrels of condensate per day. Condensate produced had an average American Petroleum Institute ("API") gravity of 58 degrees, making it a highly desirable barrel for Utah's refinery market. The condensate produced from the well to date was sold to a Utah refinery at a price close to current WTI crude oil prices (inclusive of trucking costs).

o This elevated liquid yield has the potential to be a significant driver of improved economics and may increase recoverable liquid volumes across the Company's White Sands Unit.

o Almost zero evidence of water production, another potential boost to the well's economics by reducing the need for water disposal.

While the initial test was successful on multiple fronts, there was also evidence that the natural fracture network may be partially obstructed from the greater reservoir at this well location. The fracture network may be either plugged by the heavyweight drilling mud which was used for well control purposes (from both the well and the original State 36-2 well) or compartmentalised by faulting.

The Company plans to "acidise" the well to further remove any drilling mud emulsions from the natural fracture network and maximise the well's connectivity with the larger reservoir. This operation is expected to take place in the first half of August and will be immediately followed by a second production test.

The Company is evaluating further options to improve well connectivity (if needed). At a higher level, Zephyr's team has also begun assessing broader development options to capitalise on the positive benefits of the overall higher condensate yield and high reservoir deliverability as part of a larger asset development plan.

Colin Harrington, Zephyr's Chief Executive, said:
"We're delighted with the results from the initial production test. The well demonstrated excellent deliverability and consistently higher condensate yields than expected, both of which are highly encouraging signs for the underlying value of our wider Paradox asset base.

"The condensate barrels produced from the well to date have been tested and were sold at a price close to current WTI crude oil prices (inclusive of trucking costs), which indicates that future barrels could be in strong demand in the local refinery market.

"Our next step is to further clean out the nearby reservoir to attempt to maximise the well's connectivity with the larger reservoir, and then immediately run a second production test. The data from that test will be used to determine our future offtake and processing requirements.

We look forward to keeping Shareholders updated on progress over the coming weeks."