Presentation & updated Paradox project financials

18 June 2021

Zephyr Energy plc

(the "Company", "Zephyr" or the "Group")

Corporate Presentation and updated financials for Paradox project

Zephyr Energy plc (AIM: ZPHR), the Rocky Mountain oil and gas company focused on responsible resource development and carbon-neutral operations, notifies that its presentation from last night's Proactive Investors' One2One Virtual Forum is now available on the Company's website www.zephyrplc.com.

The Company has also provided updated financial information on its project in the Paradox Basin, Utah, United States of America ("U.S.") (the "Paradox" project) to reflect the current oil price environment.

Zephyr is due to commence a drilling programme on the Paradox project in July. The planned appraisal well, the State 16-2LN-CC (the "lateral well), will target the Company's first production on the Paradox project.  Using a flat oil price of US$70 per barrel of oil equivalent ("boe"), the Company estimates that the lateral well has a 2C single-well net present value at a ten percent discount rate ("NPV-10") of US$10.4 million.  Using the same flat oil price of US$70 per boe, the prime reservoir target on its leaseholding - the Cane Creek reservoir - has estimated 2C resources with an NPV-10 of US$225 million.

The above is based on metrics disclosed in the announcement on 29 March 2021 and is calculated in accordance with the Company's Competent Persons Report prepared by Gaffney Cline & Associates in June 2018.

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