Auctus Advisers Research Note, 1 October 2025

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Zephyr Energy PLC (AIM:ZPHR)

All eyes on upcoming CPR for the Paradox

Following the imminent publication of the CPR, Zephyr will look for a farm-in or investment partner to accelerate and scale-up the development of the Paradox. The company also needs to improve the gas processing infrastructure and complete the gas marketing agreements. The contracts with the owner of the nearby 16-inch pipeline need to be also completed. Operationally, Zephyr plans to undertake workovers on the legacy 28-11 and 16-2 wells to bring additional volumes online. Beyond the core Cane Creek reservoir, the company is targeting the overlying formations, which hold an estimated 270 mmboe of prospective resources representing significant upside potential pending successful appraisal.