AGM Statement and Acquisition Update

AGM Statement

and

Acquisition Update

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), will hold its Annual General Meeting ("AGM") at 11.00 a.m. today, at the offices of Haynes and Boone CDG LLP, 1 New Fetter Lane, London, EC4A 1AN.

At the AGM, Rick Grant, Zephyr's Non-Executive Chairman, will make the following statement:

"Over the 2024 financial year, and in the period since, we have continued to deliver solid operational progress across both our operated and non-operated portfolios.

"On our project in the Paradox Basin, Utah, U.S. (the "Paradox project"), we are at a pivotal stage. Following our successful recent drilling operation and production test, we've been able to advance the design, engineering and negotiations work needed to enable access to gas export markets through the nearby third-party pipeline. An updated Competent Person's Report is underway, and we expect to publish results by the end of September 2025. We are also progressing discussions with potential industry and finance partners as part of a structured asset level funding process in order to accelerate drilling activity at the Paradox project.

"Alongside this, our non-operated portfolio in the Williston Basin, U.S., continues to provide meaningful cash flow to support operations and growth, and closing our proposed acquisition will add additional reserves, production and scale across key Rocky Mountain basins.

"We have strong momentum, a clear strategy, and the right resources in place to successfully deliver additional progress in the period ahead. We look forward to a prolonged period of positive news flow as we complete the proposed acquisition and move towards first production at the Paradox project."

Proposed Acquisition update

Further to its announcement on 17 July 2025, Zephyr is finalising all remaining documentation ahead of its proposed US$7.3 million acquisition of working interests in accretive, mature PDP (proved developed producing) production assets in core Rocky Mountain basins, U.S. (the "Proposed Acquisition").

In preparation for the completion of the Proposed Acquisition, Zephyr has applied for regulatory approval to become an operator of record in the states of Colorado, Wyoming and North Dakota. The Proposed Acquisition remains on track to complete in the near-term, with an effective date of 1 June 2025.