Announcement • Jun 09
Zephyr Energy PLC Provides Update On Paradox Project Pipeline Inspection And Regulatory Approval Process Zephyr Energy plc provided an update on activity in the Paradox Basin, Utah, U.S. (the "Paradox project"), including the successful completion of the gas pipeline in-line inspection process (the "ILI"). This 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. A team under the supervision of Enbridge Inc. (the owner and operator of the pipeline that will export gas from the Paradox project) completed a detailed technical evaluation of the results from the ILI on the 20.9 miles of pipeline running from Zephyr's Powerline Road Gas Plant to the Northwest Pipeline operated by Williams Companies Inc. Analysis of the ILI results confirmed that the pipeline is structurally sound at the current system operating pressure, with no repairs required and no immediate integrity concerns. To ensure integrity at the uprated operating pressure required to export Zephyr's gas to the Northwest Pipeline, four short sections of pipeline (totalling 25 feet in length) have been identified for visual inspection. Enbridge views such inspections as routine and are not considered a risk to achieving first gas export, even if any section should require a repair. The completion of the ILI is a vital step in the process of delivering first gas from the Paradox project and has enabled the commencement of the regulatory approval process required to increase pipeline operating pressure and transport gas to the Northwest Pipeline. Zephyr intends to provide an update on the timing to first gas when it receives further guidance from Enbridge on the regulatory approval schedule. In addition to the initiation of the regulatory approval process, Enbridge has continued other operational activities, including the piping and mechanical upgrades required to transport Zephyr's gas to market. Over the coming weeks, Zephyr and its third-party infrastructure consultants will finalise the design and initial capacity of its gas processing solution. As part of this process, planning for the drilling of additional Paradox project wells is also underway, in conjunction with detailed formal discussions related to asset-level funding opportunities. Zephyr believes that the successful ILI results will have a further positive impact on the Company's farm-out and hydrocarbon marketing efforts, both of which have advanced significantly over the last few months. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (UK£66.2m market cap, or US$89.5m). New Risk • Mar 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (UK£68.3m market cap, or US$91.2m). 
