Zephyr Energy Regulatory News (ZPHR)

7 March 2022

Zephyr Energy plc

(the "Company" or "Zephyr")

Paradox project update

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations, provides an update on its flagship project in the Paradox Basin, Utah, U.S (the "Paradox project").

Further to the Company's announcements of 8 December 2021 and 26 January 2022, Sproule International ("Sproule"), a leading independent global energy consulting and advisory firm, is continuing its work on the Paradox project Competent Persons Report ("CPR") as commissioned by the Company.

While Sproule continues to work diligently to deliver the CPR, a number of factors, including the large scope of the CPR and the significant increase in activity in the North American oil and gas sector, have led to a short delay to the delivery timeframe previously envisioned. The Company expects to receive the CPR in the coming weeks, and will publish it as soon as practicable upon delivery from Sproule. A further announcement will be made once the CPR is available.

Colin Harrington, Chief Executive of Zephyr, said: "Many factors have contributed to the CPR taking slightly longer than originally anticipated, but we do expect to receive the report from Sproule within the next few weeks. More importantly, we are excited about the detail and analysis provided to Sproule and have appreciated their thoughtful collaboration with our technical team to date. We look forward to updating the market on Sproule's completed evaluation, and on multiple additional fronts, over the coming few weeks."

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