2 July 2026

Zephyr Energy plc

("Zephyr" or the "Company")

Acquisition of further acreage in the Paradox Basin

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) is pleased to announce a further increase in its operated land position in the Paradox Basin, Utah, U.S. (the "Paradox project") through the successful acquisition of an additional 2,294 acres of Utah Trust Lands Administration (the "TLA") leases.

This new acquisition gives Zephyr an increased acreage footprint immediately to the north of its White Sands Unit (the "WSU") (see Figure 1).

The acreage was nominated for auction by Zephyr and was acquired through a sealed-bid process conducted by the TLA.  The related leases have a five-year primary term and a 16.67% lease royalty.

The acquisition cost associated with the TLA leases was paid from the Company's existing cash resources.

This latest acquisition follows the Company's recent acquisition of circa 27,000 acres, announced on 26 June 2026. Inclusive of the new acreage, the Company now operates more than 72,000 gross acres in the Paradox Basin, the majority in which the Company holds a 100% working interest.

Colin Harrington, Zephyr's Chief Executive, said:

"I am pleased with the successful outcome from the TLA auction, the results of which further enhance the scale of our Paradox project. With every acquisition of regional acreage, we consolidate and increase the attractiveness of our regional holdings.

"We will continue to be opportunistic in building out a greater Paradox land position as we look to advance the substantial underlying value of our position in the northern Paradox Basin."

Figure 1: Map showing Zephyr's Paradox project acreage with the new TLA acreage highlighted in brown. The Company's original acreage is highlighted in yellow, and the recently acquired acreage (as announced on 26 June 2026) is highlighted in green. The WSU is the yellow highlighted acreage surrounded by the black border.  Zephyr has nominated a substantial number of additional leases to the north of the WSU, which are expected to be auctioned in September 2026.

Contacts

Notes to Editors

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) is a technology-led oil and gas company focused on responsible resource development in the Rocky Mountain region of the United States.

Its flagship operated asset is the 72,294-acre Paradox project in Utah.  An independent 2025 Competent Persons Report by Sproule International of the Company's White Sands Unit (20,000 acres) confirmed 2P reserves of 35.3 million barrels of oil equivalent ("boe") and total recoverable resources of 74.2 million boe across the unit.

Zephyr also holds a portfolio of non-operated production interests across the Williston and other Rocky Mountain basins, supported by a US$100 million strategic partnership designed to accelerate growth and enhance cash flow.