Zephyr Energy (ZPHR): Paradox project first gas

This situation live

ZPHR Zephyr Energy

£63m · 3.1p · +13% since the first step

30 Dec 2025 · Enbridge framework agreed; marketing/farm-in proposals received · +31% until the next step Zephyr will update shareholders on Enbridge's timing as their operational and regulatory processes advance.

24 Mar 2026 · Enbridge in-line pipeline inspection under way · −7% until the next step At present, a team under the supervision of Enbridge Inc. ("Enbridge") (the owner and operator of the 16-inch gas pipeline that will export gas from Zephyr's Powerline Road Gas Plant to the Williams N

9 Jun 2026 · Inspection done; regulatory approval process starting · +11% until the next step Zephyr intends to provide an update on the timing to first gas when it receives further guidance from Enbridge on the regulatory approval schedule.

30 Jun 2026 · ILI done; regulatory approval process begun · −10% until the next step allows for the formal commencement of the regulatory approval process required to ship gas on the publicly regulated pipeline connected to Zephyr's leaseholding in the Paradox project.

24 Aug 2026 · Pre-first-gas work scaled up while approval pending · −5% until the next step While the timeline for Enbridge's approval process remains pending, Zephyr's goal is to be prepared to deliver first gas and commercial production as soon as possible once approvals are secured.

28 Sep 2026 · Awaiting Enbridge approval; engineering and well work funded · −3% until the next step Therefore, Zephyr cannot communicate specific timelines ahead of the completion of the regulatory process, although Zephyr’s stakeholders should note that Enbridge is continuing to actively progress i

14 Oct 2026 · Awaiting Enbridge approval; acreage added · +9% since operations in the field and in partnership discussions continue to progress in a favorable manner.

Project milestones

Paradox project first gas

Awaiting Enbridge approval; acreage added

Next: Enbridge regulatory approval to export gas; Paradox updates in coming weeks

Every step · 7

30 Dec 2025 Enbridge framework agreed; marketing/farm-in proposals received – Zephyr will update shareholders on Enbridge's timing as their operational and regulatory processes advance. ↗
24 Mar 2026 Enbridge in-line pipeline inspection under way – At present, a team under the supervision of Enbridge Inc. ("Enbridge") (the owner and operator of the 16-inch gas pipeline that will export gas from... ↗
9 Jun 2026 Inspection done; regulatory approval process starting – Zephyr intends to provide an update on the timing to first gas when it receives further guidance from Enbridge on the regulatory approval schedule. ↗
30 Jun 2026 ILI done; regulatory approval process begun – allows for the formal commencement of the regulatory approval process required to ship gas on the publicly regulated pipeline connected to Zephyr's... ↗
24 Aug 2026 Pre-first-gas work scaled up while approval pending – While the timeline for Enbridge's approval process remains pending, Zephyr's goal is to be prepared to deliver first gas and commercial production as soon... ↗
28 Sep 2026 Awaiting Enbridge approval; engineering and well work funded – Therefore, Zephyr cannot communicate specific timelines ahead of the completion of the regulatory process, although Zephyr’s stakeholders should note that... ↗
14 Oct 2026 Awaiting Enbridge approval; acreage added – operations in the field and in partnership discussions continue to progress in a favorable manner. ↗

What is happening

Zephyr Energy: Paradox project first gas – Awaiting Enbridge approval; acreage added. ['Awaiting Enbridge approval; acreage added']

In short: Paradox first gas depends on Enbridge's export route. The in-line inspection is complete and approval is under way. On 24 Aug 2026 the Board funded engineering and well work from existing cash for a 15 mmscf/d modular plant. On 14 Oct 2026 Zephyr added 5,692 federal acres north of the White Sands Unit, and promised Paradox updates in coming weeks. Approval timing is still uncertain.
Announced: 30 Dec 2025 · Enbridge framework agreed; marketing/farm-in proposals received
Latest: 14 Oct 2026 · Awaiting Enbridge approval; acreage added
First gas: Expected over the coming months; undated
Processing design: Modular gas processing system up to 15 mmscf/d, versus earlier base case of 5 mmscf/d
Initial wells: State 36-2R and Federal 28-11; well work starts after engineering and final design
Funding: Funded from Zephyr's existing cash resources
Pipeline inspection: Enbridge excavating four short sections; no concerns or safety issues so far; Enbridge funds it
Follow-on drilling: New well locations high-graded; locations and permitting to be announced when planning is finalised
New acreage: 5,692 federal acres acquired at auction on 14 Oct 2026, paid from existing cash; ten-year primary terms
Unitisation option: New Federal unit or expanded WSU, subject to regulatory approvals

What comes next

Enbridge regulatory approval to export gas; Paradox updates in coming weeks.

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