Member Info for Pikestaff

I should say for 250,000 shares the spread in 3.23/26 - not seen it so tight for a long time.

Yes, the 1/2m at 13.05 at 3.27 is a buy. Spread has tightened up, 8k just now on IG for example is 3.23 to sell, 3.26 to buy.

No problem! By the way I see another £25k buy this morning - following £25k buys yesterday and Friday. Decent size for Zephyr at the moment.

October 13, 2025 Target: £0.16

Initial investment through US$100 mm partnership in the Rockies. More to come

• The first investment under the US$100 mm Zephyr Hawk partnership has been approved, comprising a US$2.5 mm c_o_m_m_i_t_m_e_n_t_ _f_u_l_l_y_ _f_u_n_d_e_d_ _b_y_ _Z_e_p_h_y_r_’s_ _p_a_r_t_n_e_r_._ _T_h_e_ _i_n_v_e_s_t_m_e_n_t_ _secures a share in a work programme targeting up to 13 wells.

• Zephyr estimates life-of-well undiscounted cashflows of ~US$1.8 mm, net to its interest.

• This marks the first in a series of similar transactions. Even assuming a conservative NPV10 of 30–50% of the undiscounted cashflow, the US$2.5 mm investment by the funding partner would generate US$0.6–0.9 mm of value to Zephyr.

• Assuming future investments deliver comparable returns, scaling this model across the full US$100 mm programme implies potential value of US$24–36 mm net to Zephyr, equivalent to £0.010–0.015 per share.

• We reiterate our target price of £0.16 per share. The shares currently trade at a 60% discount to the value of the business based on 2P reserves alone. Near-term catalysts include additional investments under the Zephyr Hawk partnership and progress toward securing a partner for the Paradox project.

sorry for the clumsy cut and paste job.

For those who haven't seen it, Auctus have a new note out today reiterating a 16p target and pointing out that the shares sit at a 60% discount to the value of the business - based on 2p reserves alone. This doesn't include any of the 7 overlying reservoirs in cane creek. Nor anything not yet covered by seismic. Unrisked asset value they have at 66p. Mind the gap.

Sproule's calculations take a very cautious forward view on prices. Demand is rising and Colin (and the EIA) notes that LNG exports are ramping up significantly, timing could be very good.

Massive resource upgrade and significant broker uplifts just 2 days ago. Intriguing that Colin would normally be PRing this on the usual channels, but is keeping a low profile. Even Malcy's tone has shifted from 'TP of 20p and even this could be conservative by a country mile' (May) to 'remains a favoured bucketlist stock'. The share price has barely moved. I think there's more news to come, and that 'substantive' discussions are very near completion. Hold tight.

Anyone who has left it till now to buy may have timed their entry to perfection. The upside is well (some might say over) rehearsed. What are the risks? that the RNS doesn't land this week, stretching 'imminent' to snapping point; another poorly written RNS takes the shine off; bad macro-economic news on the day of release; too many caveats and ambiguities in the CPR and plan. But I think it's far riskier being out - material upgrade coming, stable and supportive jurisdiction, advanced partnership discussions, oversubscribed placing out of the way, big late-declared buys in recent weeks (artificially suppressed demand?) and a share price that after flatlining at well below NAV for three months is overdue a big move.

The auctus note says 'a detailed operational update' will be released alongside the CPR. The CPR is expected to 'materially' improve resource estimates and thus potential value - and so either affirm or increase current target price of 15p. My simple calculation is that we've flatlined at just below the placement price and 30% below core NAV for 3 months, with no evidence Gervaise and others have jumped ship, so we're overdue a decent rise. That will be the time either to get out - or double down.

The new and improved CPR is imminent, and could be just a trading day away. It has been heavily trailed as being highly positive. Hold tight

Courage mes braves! The independent (not paid promoters) National Energy Tech Lab said a few weeks ago that they have finally, after 6 years, with Zephyr's help unlocked the potential of the Paradox. A revised CPR set to significantly increase resource estimates is due any day. Farm-in talks are advanced. The share price is stagnant, but stable (and strengthening - just now for the first time in a while you can sell £20k within the spread, but must pay 3.00 to buy). I believe the current uncharacteristic silence is golden.

Perhaps we've latched onto the 'positive news flow' part of Colin's comment, and misinterpreted the 'prolonged period' bit! But I stick to my theory that the ambiguous late trades have been part of a slow accumulation strategy playing out under our noses ahead of a cracking CPR and progress report, any day next week.

He may be a slender reed to hang our hopes on (though that might not be the right metaphor for Malcy! I used to see him often at the beer trolley on our commuter train) but he's stuck to his 20p TP and said this recently: 'the market seldom gets as many bites of the cherry as they have with Zephyr, don't blame me if you miss the opportunity of a lifetime'. We must be in last bite territory now.

I'm a long-term holder too BM. The late trades have been real teasers - the 0.5m today at 2.8 surely a buy, the 1m at 2.75 by the same token a sell? Yet it's hard to see a near-term downside: the CPR - 'confidently expected to substantially hike' resource estimates - could easily land next week, while farm-out discussions have been underway for a while. And in that context I take the silence - the longest period without an RNS of any sort for nearly 2 years - to be a positive.

Some largish trades have been showing up end of day at mid price, while there seems to have been a cap at 2.8 to buy for the last few sessions. (It's moved up to 2.9 as I write). Volume was relatively high yesterday. Could it be that someone has put large block sell orders on above 3 to try and dampen interest while gradually accumulating ahead of CPR+ news anytime in next 10 days.

That’s a sweetly timed tweet! I agree sets up a push well into the 5s tomorrow as the perfect launchpad for a Thursday RNS.

Looks like just one shareholder /trader doing the damage. 11x100k blocks and 2x250k. Odd timing given imminent news, but they may be forced sellers. Decent counter-balancing buys earlier.

Do people think the 75k shares trade this morning was a buy? (I think it was, despite the subsequent movement). Encouraging sign if so. Could just be caught up in hurricane-hit sector mark-down.

Slow, steady climb. Lots of tiny sells keeping things in check. Biggest trade today (50k) over the ask at the time, early this morning. Fingers crossed.

Enjoying reading Board at mo, especially seeing old lags coming out of semi-retirement, magnificent 7 style. I’m just a Mexican villager but sense of something building here.