15 August 2022

Zephyr Energy plc

("Zephyr" or the "Company")

Appointment of Panmure Gordon as Joint Broker

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations, is pleased to announce that it has appointed Panmure Gordon (UK) Limited as its Joint Broker with immediate effect.

Colin Harrington, Chief Executive of Zephyr, said:  "We welcome the appointment of Panmure Gordon, which both reflects our successes to date and our ambition for continued growth in shareholder value.

"Panmure Gordon is a market-leading broker with strong research and institutional sales capabilities.  They have a long track record supporting ambitious companies in the energy sector and will be an excellent addition to our adviser team alongside Turner Pope Investments, our existing Joint Broker."

Contacts:

Notes to Editors

Zephyr Energy

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) is a technology-led oil and gas company focused on responsible resource development from carbon-neutral operations in the Rocky Mountain region of the United States.  The Company's mission is rooted in two core values: to be responsible stewards of its investors' capital, and to be responsible stewards of the environment in which it works.

Zephyr's flagship asset is an operated 37,613-acre leaseholding located in the Paradox Basin, Utah which has been assessed by third party consultants Sproule International to hold, net to Zephyr, 2P reserves of 2.1 million barrels of oil equivalent ("mmboe"), 2C resources of 27 mmboe and 2U resources 203 mmboe. Following the successful initial production testing of the recently drilled and completed State 16-2LN-CC well, Zephyr is planning a three well drilling program commencing later this year to further delineate the scale and value of the project.

In addition to its operated assets, the Company owns working interests in a broad portfolio of non-operated producing wells across the Williston Basin in North Dakota and Montana.  The Williston portfolio currently consists of working-interests in over 200 modern horizontal wells which are expected to provide US$35-40 million of revenue, net to Zephyr, in 2022.  Cash flow from the Williston production will be used to fund the planned Paradox Basin development. In addition, the Board will also consider further opportunistic value-accretive acquisitions. 

 Panmure Gordon

Panmure Gordon is a UK based investment bank providing a full range of services including Capital Raising, Corporate Advisory, Corporate Broking, Investor Relations, Research, Sales and Execution with distribution to the UK, Europe and the U.S.