Award of rig contract to Helmerich & Payne

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 following a detailed selection process, Zephyr has signed a rig contract with Helmerich & Payne ("H&P") for its Rig 257 which will be used to redrill the State 36-2 well (the "State 36-2R well") on the Company's project in the Paradox Basin, Utah, U.S.

Rig 257 is a Flex 3 1,500HP drilling rig fully capable of drilling the planned well and managing the high reservoir pressures expected to be encountered. The rig is wrapping up a sustained and successful drilling campaign in the nearby Uinta Basin and will mobilise to the State 36-2R well site in the near-term, with an expected spud in mid-April. In the meantime, the Company plans to mobilise a spudder rig to site in order to set the conductor casing ahead of the larger drilling operation.

Colin Harrington, Zephyr's Chief Executive, said:

"We are pleased with the swift progress made by Zephyr's operational team in securing the rig contract with H&P following the recent final permit award, and believe that Rig 257 is particularly well suited for the State 36-2R drill. The focus is now on drilling the well safely and efficiently, with full drilling operations expected to start in mid-April."

"We look forward to keeping our investors well-informed as operations develop at the well site."