Zephyr Energy Secures Approval to Commence Drilling at Salt Wash Helium Project

Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), a Rocky Mountain oil and gas company committed to responsible resource development and carbon-neutral operations, will conduct its Annual General Meeting ("AGM") at 11am on July 31, 2024. The meeting will be held at the offices of Memery Crystal, located at 165 Fleet Street, London, EC4A 2DY.

At July 31, 2024 AGM, Rick Grant, Zephyr's Non-Executive Chairman, will deliver the following statement: "We are making significant strides toward our main objective of unlocking the next major onshore oil and gas play in the U.S.

"Our upstream assets in the Paradox Basin present considerable growth potential, which is supported by the cash flows from our low-risk, high-margin non-operated interests in the Williston Basin. In the near term, we will begin the next phase of operations on the State 36-2R LNW-CC well in our Paradox project and look forward to updating shareholders on our progress in the coming weeks.

"In the meantime, I want to express my gratitude to the entire Zephyr team and our contractors for their continued hard work. I also appreciate the support of my fellow Directors, leadership team, and advisers. Most importantly, I thank our shareholders for their ongoing support.

"We are confident about the future and excited about the opportunities ahead. With all the right elements in place, we are poised to successfully achieve our strategic goals."

The Company is also delighted to announce that the Utah Department of Natural Resources has granted approval for the Application for Permit to Drill for the proposed Salt Wash Field helium project. Zephyr is actively engaging with various industry players and potential investors to explore funding options for the commitment well at the asset level, aiming to maximize value for shareholders.

Zephyr Energy plc, is a technology-driven oil and gas company dedicated to responsible resource development and carbon-neutral operations in the Rocky Mountain region of the United States. The Company is committed to two fundamental values: being diligent stewards of its investors' capital and protecting the environment in which it operates.

Zephyr's premier asset is a 46,000-acre leasehold in the Paradox Basin, Utah. Out of this total, 25,000 acres have 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 of 270 mmboe.

Beyond its operated assets, Zephyr holds working interests in a diverse portfolio of non-operated producing wells in the Williston Basin, located in North Dakota and Montana. The cash flow from these Williston Basin operations will be used to support the development of the Paradox Basin project. Additionally, the Board is open to exploring further value-enhancing acquisitions as opportunities arise.