20 February 2025

Zephyr Energy plc

("Zephyr" or the "Company")

Drilling operations concluded safely and successfully

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) is pleased to confirm that drilling operations at the State 36-2 LNW-CC-R well ("the well") have been completed safely and successfully, with the well drilled to a total depth of 15,288 feet (measured depth).

The well trajectory of the extended lateral section (the "lateral") was drilled as planned and correlated well with the existing 3D seismic data. 97% of the lateral was drilled within the Cane Creek reservoir section demonstrating the ability to accurately steer within the reservoir across a structurally complex play. Encouragingly, elevated mud gas levels with notable peaks were evident throughout the drilling of the Cane Creek reservoir.

Zephyr's operations team is now preparing to run casing across the drilled section after which the Nabors rig will be demobilised from the site. Zephyr will then mobilise equipment for the completion and production testing of the reservoir zone.

Results from the production test on the well are expected to be announced by the end of March 2025.

Contacts:

Qualified Person

Dr Gregor Maxwell, BSc Hons. Geology and Petroleum Geology, PhD, Technical Adviser to the Board of Zephyr Energy plc, who meets the criteria of a qualified person under the AIM Note for Mining and Oil & Gas Companies - June 2009, has reviewed and approved the technical information contained within this announcement.

Notes to Editors

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) is a technology-led oil and gas company focused on responsible resource development from carbon-neutral operations in the Rocky Mountain region of the United States.  The Company's mission is rooted in two core values: to be responsible stewards of its investors' capital, and to be responsible stewards of the environment in which it works.

Zephyr's flagship asset is an operated 46,000-acre leaseholding located in the Paradox Basin, Utah, 25,000 acres of which has been assessed to hold, net to Zephyr, 2P reserves of 2.6 million barrels of oil equivalent ("mmboe"), 2C resources of 34 mmboe and 2U resources 270 mmboe.

In addition to its operated assets, the Company owns working interests in a broad portfolio of non-operated producing wells across the Williston Basin in North Dakota and Montana. Cash flow from the Williston production will be used to fund the planned Paradox Basin development. In addition, the Board will consider further opportunistic value-accretive acquisitions.