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Just catching up with people’s posts and then saw NtDs post which seems to have slipped by people and is a view I share.

Yes CH said they were preparing as if to go alone. And yes they should as there is no point delaying the project. It will also give them access to future finance based on the CPR reserves. Does that mean partners or Jvs are dead. No it doesn’t. CH also in his interview expressed his opinion on the SP and that it doesn’t even value the non-ops. People seem to dismiss the non-ops but they are important to the company. But having a lowly SP doesn’t appear to be helping negotiations or getting value for shareholders at the present time.

Zephyr just need to continue putting everything into place.

That's exactly what I've been saying for months but unfortunatley you get impatient investors that can't wait. These things don't happen overnight.

But also note even in the RNS they mention the increased demand for gas in the US. I brought this up a couple of times as well.

At present any updates are dependant on each other. So until that first domino falls it is going to be quite quiet.

Still hoping that they can sort an offtake agreement before a partner agreement. Although the two might be intrinsically linked.

The demand for gas and LNG output in the US is growing. LNG Infrastructure is being built and plenty of capacity in the systems. The gas price is also rising and predicted to rise further. Could be right place and right time at last. Just patience waiting for the best offer to progress this opportunity.

I made the point on Discord about all the BOD and executives jobs being at risk not just PB. Finance included. I don't think the BOD have been proactive enough for many years. Taking a whole year to slim the BOD after a vote against by shareholders. And then for many of the same dead wood to remain or moved around. It also surprised me that they still paid out Performance share options for the Quarter... what performance??

Removing Shipka was a start, but what expertise do they have between them as it has been found lacking on several fronts.

DB is not PB. Think his name was Owen or something like that. It's certainly not David though.

Borrowed from someone else:

The next five years are going to be very interesting for natural gas…

Revolution #1: Massive increases to U.S. compute infrastructure driving huge increases to natural gas sourced grid power.

Large data center completions were doubling every 4 years, but AI has compressed this to every 2 years. Estimated US hyperscale completions since 2020: 300. Leading operators: Amazon (150+ US sites total), Microsoft (60+), Google (30+ new since 2020).

By 2030, expect 500+ more large US facilities. These centers are primarily in: Northern Virginia (largest market, +83% capacity since 2020), Texas/Arizona (power availability), and Atlanta/Phoenix.

Energy demands: 20-25 GW from new large data centers completed since 2020. That’s the equivalent to the output of ~15-20 new natural gas plants / ~16-20 million U.S. homes annually. If trends hold, new builds 2026-2030 add another 50-60 GW (more than double existing demand).

Energy sourcing for new builds reveals a dominant reliance on natural gas. This is driven by the need for reliable, scalable baseload power to meet 24/7 demands.

Bottomline: Today, if all large/hyperscale data centers were run at 100% capacity and were powered only by U.S. natural gas, they would consume roughly 6% of total existing natural gas production. By 2035, that figure will be over 20%.

Revolution #2: Natural gas export demand is about to almost triple.

In 2024, natural gas exports (11.9 Bcf/d / 4.35 Tcf annually) consumed 11.5% of total U.S. production.

There are currently seven major LNG construction projects near-completion, underway, or planned and approved: ExxonQatar’s Golden Pass (2.4 Bcf/d); VG’s Plaquemines (1.6 Bcf/d); Cheniere’s Corpus Christi Stage 3 (1.7 Bcf/d); NextDecade’s Rio Grande (3.6 Bcf/d); Sempra’s Port Arthur (1.8 Bcf/d); VG’s CP2 (3.3 Bcf/d); and EnergyTransfer’s Lake Charles (1.6 Bcf/d).

When completed (2029) these facilities will add another 18 Bcf/d of export capacity, taking total export capacity to 30 Bcf/d (11 Tcf annually) – roughly 3x current export capacity. This represents roughly 30% of U.S. production. That’s more than the entire U.S. electrical generation sector uses today.

By 2030, LNG exports + AI compute energy demand will consume 50+Bcf/d of natural gas – or roughly half of total production. Supply is expected to grow, at most, by 10%.

The coming natural gas price spike will be extreme at times (like in the winter) when demand surges. Pipeline capacity is very tight. Permian takeaway is already at 95% of capacity. And new pipelines take forever to permit and built. The other major issue is, unlike LNG, data centers never turn off. There’s zero seasonal flexibility.

We’ll see consistent $10+ natural gas prices by 2030. And, when there's a significant demand spike in the winter, we'll see $50 gas.

John, I have always found Colin responsive to emails. And thanks for confirming that you reached out to him and got a response.

As he has stated in his reply. They have already said what the list of things they are doing is, and that has been the plan for a long time. Unfortunately a lot of PI's get in a whiz about not receiving an update on these matters. And I have been trying to put across how long these things take. The infrastructure solution and partnership structure will all come together at once as one requires the other and vice versa. And as CH says these are private and sensitive discussions so are not open to the public. That however will not stop people coming on here and still complaining there is no update or that they haven't had the newsflow they need to satisfy them. Speculation and silence does not often help SPs and that is mainly what people are here for. IF not then why would they invest. However Zephyr, for now, is a longer term play.

Enbridge is the local gas sales and distributor. Although they spread a lot further than just zephyr turf. Williams have the larger northwest pipeline which has a local interconnection. I wouldn’t see Enbridge holding zephyr to ransom over gas prices. Would be a stupid way to form a relationship. They would want the best price possible and there would be some structure in the agreement. Zephyr have always managed to hedge prices so they maintain a steady income so a similar deal may be in the offing.

There is still a lot of investment required to take this project to completion and I expect plenty of interest. But everyone will have their price and want to achieve the best returns. It is just a matter of waiting until a deal is on the table.

They will be negotiating the gas sales agreement. These things take time with many factors. You want to make sure that the price enables the project to remain commercial and also take advantage of any rises in gas prices. TXP negotiated a fixed price contract just as prices went through the roof. Really affected the funds available for development coupled with a faster decline than expected. These are important steps and any investor would want to know a commercial agreement before committing.

Oil will go up and down. There are rumours that opec will hold current production levels which should see a small uplift in price. So hopefully that remains steady for now. But never try to predict a market.

And to cover a few incorrect assessments.

The $2.5m was to cover the capex on working interests in 13 wells. Not 1. I would expect more in the future.

Also Zephyr are the first to attempt horizontal drilling in the paradox. Hence why they have had research grants and academic involvement. No one has tried it before and that’s why no one has performed acid wash before either.

It's been fine all week. Bit of rain wednesday and Saturday. Max winds 15mph....

He never promised regular newsflow. However, a period of positive newsflow was promised and that was by Rick Grant. It's just a matter of when we get it now. And like you say it can come completely out of the blue.

I am hoping for a gas offtake agreement being reached as the next building block.

Ii refunded me 12p and 4p so looks like I’m possibly getting all what I asked for less 1 share.

ii you just filled in a form with the amount you wanted in cash then pressed submit. Actually so simple and I’m surprised they managed to turn it around in time. This is the first time I’ve seen one done successfully this way and actually been able to take part. Was very pessimistic of being able to when I first saw it come out.

If the completion costs of the interests in the 13 wells was only $2,5m then why would they pay anymore?

Looking at it the other way. If ZPHR had some available funds they could have contributed to these costs and taken some of the income earlier.

Either way just because they have 100m available doesn’t mean they need to invest it all at once. The investor will risk assess their investments and still maybe only buy percentage interests in wells along with others. There are another 18 wells already planned in the new acquisitions.

These are the 13 "initial wells" working interests that ZPHR will not need to upfront any CAPEX on. There are a further 18 development opportunities that they can also invest in. ZPHR may chose to hold a small interest in some of these depending on available capital.

Do you really not know the infrastructure they have purchased over the years at paradox. The gas plant, the additional acerage, new wells, wells for water disposal, the gathering lines. There has been so much.... It is all there in previous RNS and presentations. It's all there ready for the green light and any JV partner can see that.

The $100m investor is nothing to do with Paradox. That is for the latest aquisistion. I would say non-ops but they are now actually an O&G operator. It is similar to the non-op wells they have in that they have a large amount of producing acerage just that now they pull the strings on the projects and production. This is what the investor will be investing in.

Next big news likely to be gas export contract negotiation.

It is a prolonged period of ‘positive’ news. And hopefully it lasts for a few years and builds and builds.

Unfortunately commentators have their own opinions and agendas to run especially on boards like these.

If people don’t understand why these things take so long then they are obviously invested in the wrong industry.

They have already announced what they are doing several times. These things take months to years to complete. And if they didn’t have some of the existing infrastructure even longer. Not weeks.

First on the list:

https://x.com/TheSaintCharts/status/1956741316068397262

National Energy Technology Laboratory Research Link 7th August 2025

Reposted with a better title as getting lost amongst the other posts.

https://netl.doe.gov/node/14947