Zephyr Energy PLC Presentation & updated Paradox project financials (3156C)

TIDMZPHR

RNS Number : 3156C

Zephyr Energy PLC

18 June 2021

Zephyr Energy plc

(the "Company", "Zephyr" or the "Group")

Corporate Presentation and updated financials for Paradox project

Zephyr Energy plc (AIM: ZPHR), the Rocky Mountain oil and gas company focused on responsible resource development and carbon-neutral operations, notifies that its presentation from last night's Proactive Investors' One2One Virtual Forum is now available on the Company's website www.zephyrplc.com .

The Company has also provided updated financial information on its project in the Paradox Basin, Utah, United States of America ("U.S.") (the "Paradox" project) to reflect the current oil price environment.

Zephyr is due to commence a drilling programme on the Paradox project in July. The planned appraisal well, the State 16-2LN-CC (the "lateral well), will target the Company's first production on the Paradox project. Using a flat oil price of US$70 per barrel of oil equivalent ("boe"), the Company estimates that the lateral well has a 2C single-well net present value at a ten percent discount rate ("NPV-10") of US$10.4 million. Using the same flat oil price of US$70 per boe, the prime reservoir target on its leaseholding - the Cane Creek reservoir - has estimated 2C resources with an NPV-10 of US$225 million.

The above is based on metrics disclosed in the announcement on 29 March 2021 and is calculated in accordance with the Company's Competent Persons Report prepared by Gaffney Cline & Associates in June 2018.

Contacts:

 
 Zephyr Energy plc                                     Tel: +44 (0)20 7225 
  Colin Harrington (CEO)                                              4590 
  Chris Eadie (CFO) 
 Allenby Capital Limited - AIM Nominated               Tel: +44 (0)20 3328 
  Adviser                                                             5656 
  Jeremy Porter / Liz Kirchner 
 Turner Pope Investments - Broker                      Tel: +44 (0)20 3657 
  James Pope / Andy Thacker                                           0050 
  Flagstaff Strategic and Investor Communications     Tel: +44 (0) 20 7129 
  Tim Thompson / Mark Edwards / Fergus                                1474 
  Mellon

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June 18, 2021 02:00 ET (06:00 GMT)

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