Zephyr Energy plc

29/08/2024 | Press release | Distributed by Public on 29/08/2024 15:01

Turner Pope Research Note, 29 August 2024

Turner Pope Research Note, 29 August 2024

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While providing an update on the Group's Salt Wash helium project (the 'Farm-in'), Zephyr has also confirmed that the State 36-2R well's second phase production test and evaluation is now nearing completion. Steady progress continues to be made on the Farm-in, particularly with respect to advancing funding options and positioning to get full drilling operations underway next year. Meanwhile, technical analysis of the extensive data presently being collected from State 36-2R is expected to conclude shortly with results from the test expected to be formally announced within the next ten days. A successful outcome here could then be translated quite rapidly into 2P reserves with potential to spike overall Group production during H1 2025. Beyond this, with a view to delivering the best and most timely outcome for shareholders, it is likely that the Board will start pushing for broader/deeper discussions with larger industry players/strategic partners on how best to accelerate development of its broader Paradox opportunity.

We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to Zephyr Energy plc. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination. The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

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