Zephyr Energy Share Price (ZPHR)

They must have a number of things they can update us with soon and there is also the auction at the end of the month.

June hopefully will move us away from this very low share price.

Atb,

Northern

Banbury....this is from the March update. They make no bones about the fact that the recent acquistion offset Williston decline. So I assume you mean in Q1 2026 the issue is that there will be further Williston decline ?

'Q4 non-operated asset portfolio - preliminary production results:

· Q4 non-operated production was 983 barrels of oil equivalent per day ("boepd"), net to Zephyr, versus average net production in Q2 and Q3 of 632 boepd and 925 boepd respectively.

o The increase in production during the second half of 2025 was primarily due to the US$7.3 million acquisition of working interests in accretive, mature proved developed producing assets, the completion of which was announced on 26 August 2025 (the "Acquisition"), offset by standard decline of the existing non-operated portfolio.'

· At 31 December 2025, Zephyr's portfolio consisted of interests in over 600 gross wells (or approximately 30 net wells) available for production, versus 228 gross wells (or 16 net wells) at the end of Q2. Zephyr's portfolio now consists of well and acreage interests in Utah, Colorado, Wyoming, Montana and North Dakota, providing strong diversity across multiple operators and basins.'

I hope so too. On non-ops i think since last year they've wrapped williston results into a general Ops update, may have to wait for an update with finals end of June. But a meaningful Paradox update on farm-out and gas offtake... that could be any day now.

RNS Fingers crossed.

Atb,

Northern

Ever hopefull