Zephyr Energy Regulatory News (ZPHR)

Zephyr Energy plc

(the "Company" or "Zephyr")

Exercise of warrants and change to total voting rights

Zephyr Energy plc (AIM: ZPHR), the Rocky Mountain oil and gas company focused on responsible resource development, announces that it has received notice of exercise for warrants (issued in November 2020) ("Warrants") to subscribe for 42,541,191 new ordinary shares of 0.1 pence each ("Ordinary Shares") in the Company at a price of 0.6875 pence per new Ordinary Share and 19,868,455 new Ordinary Shares at a price of 0.55 pence per new Ordinary Share.

Application has been made for the 62,409,646 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 30 June 2021.

Pursuant to AIM Rule 17, the Company announces that the shareholding of Origin Creek Energy LLC ("OCE") remains as 137,136,364 Ordinary Shares, which will from Admission represent 10.63% of the then issued enlarged share capital. Rick Grant, the Chairman of Zephyr, and Colin Harrington, the Chief Executive Officer of Zephyr are both shareholders and directors of OCE, and Colin Harrington is indirectly the controlling shareholder of OCE. Pursuant to the AIM Rules for Companies, Mr Harrington also has an interest in a further 1,453,936 Ordinary Shares and therefore his total interest in the Company is 138,590,300 Ordinary Shares which on Admission will represent 10.74% of the then issued enlarged share capital.

Upon Admission, the Company's issued share capital will consist of 1,290,314,182 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 1,290,314,182. With effect from Admission, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

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