Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

Equity Bottom-Up

<ul><li>30th July 2025 @HybridanLLP Status of this Note and Disclaimer This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument.</li><li>Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action.</li><li>The information has been provided without taking into account the investment objective, financial situation or needs of any particular person.</li></ul>

30th July 2025 @HybridanLLP Status of this Note and Disclaimer This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument.Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action.The information has been provided without taking into account the investment objective, financial situation or needs of any particular person.

Zephyr Energy Plc - Hybridan Small Cap Feast: 30/07/2025

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

<ul><li>• The Paradox initial processing capacity is envisaged to be able to handle 5-10 mmcf/d.</li><li>Our base case assumes a conservative 5 mmcf/d, although throughput capacity is expected to increase with the tie-in of additional wells, including 16-2LN-CC and 28-11.</li><li>Notably, the plant’s initial capacity is below the production potential of the 36-2R well.</li></ul>

• The Paradox initial processing capacity is envisaged to be able to handle 5-10 mmcf/d.Our base case assumes a conservative 5 mmcf/d, although throughput capacity is expected to increase with the tie-in of additional wells, including 16-2LN-CC and 28-11.Notably, the plant’s initial capacity is below the production potential of the 36-2R well.

Zephyr Energy Plc (AIM: ZPHR): Refining the path to first production in the Paradox. About to start drilling in the Rockies

<ul><li>• Zephyr has raised £10.5 mm of new equity at £0.03 per share.</li><li>The proceeds of the raise will fund (1) a £5.4 mm acquisition of 0.6 mmboe 2P and ~400 boe/d net production in the Rocky Mountains and (2) working capital and capex through to first production at its flagship Paradox Basin development.</li><li>• The acquisition includes working interests in a portfolio of over 400 wells, with 21 to be operated by Zephyr.</li></ul>

• Zephyr has raised £10.5 mm of new equity at £0.03 per share.The proceeds of the raise will fund (1) a £5.4 mm acquisition of 0.6 mmboe 2P and ~400 boe/d net production in the Rocky Mountains and (2) working capital and capex through to first production at its flagship Paradox Basin development.• The acquisition includes working interests in a portfolio of over 400 wells, with 21 to be operated by Zephyr.

Zephyr Energy Plc (AIM: ZPHR): Equity raise for Rocky Mountain acquisition and working capital to Paradox first production

<ul><li>• The analysis of the well test result at well 36-2R suggests recoverable resources of 0.84-1.24 mmboe for the 4,000 feet lateral.</li><li>The reservoir characteristics are consistent across the length of the lateral with consistent contribution from the reservoir matrix to the flow rate.</li><li>Extrapolating these results across a longer lateral of 10,000 to 15,000 feet suggests recoverable volumes per well of 9 bcf to 37.5 bcf with a condensate yield of 20-60 bbl/mmcf.</li></ul>

• The analysis of the well test result at well 36-2R suggests recoverable resources of 0.84-1.24 mmboe for the 4,000 feet lateral.The reservoir characteristics are consistent across the length of the lateral with consistent contribution from the reservoir matrix to the flow rate.Extrapolating these results across a longer lateral of 10,000 to 15,000 feet suggests recoverable volumes per well of 9 bcf to 37.5 bcf with a condensate yield of 20-60 bbl/mmcf.

Zephyr Energy Plc (AIM: ZPHR): Paradox Resources boost following interpretation of well test

<ul>
<li>In October 2023, Zephyr announced the acquisition of at least a 75% WI in the Salt Wash field, located ~3 miles to the south of the Paradox project.</li>
<li>Salt Wash has a 15 feet oil rim, above which is an inert gas cap (~500 feet of gas column) which consists of ~72% nitrogen, 22% hydrocarbon gases, and 1.4% to 1.7% helium content.</li>
<li>The field was abandoned in 2014 after having produced 1.65 mmbbl of oil and 11.7 bcf of natural gas.</li>
</ul>


In October 2023, Zephyr announced the acquisition of at least a 75% WI in the Salt Wash field, located ~3 miles to the south of the Paradox project.
Salt Wash has a 15 feet oil rim, above which is an inert gas cap (~500 feet of gas column) which consists of ~72% nitrogen, 22% hydrocarbon gases, and 1.4% to 1.7% helium content.
The field was abandoned in 2014 after having produced 1.65 mmbbl of oil and 11.7 bcf of natural gas.


Zephyr Energy Plc (AIM: ZPHR): Potential for helium well to be drilled mid 2024

United Kingdom

Zephyr Energy plc operates as a technology-led exploration and production company. The Company focuses on the delivery of economic returns from developed oil and gas projects in the Rocky Mountain region of the United States.

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Zephyr Energy (ZPHR LN)

Zephyr Energy Plc - Hybridan Small Cap Feast: 30/07/2025

30th July 2025 @HybridanLLP Status of this Note and Disclaimer This document has been provided as a general market commentary and is issued to you...

Hybridan

Zephyr Energy Plc (AIM: ZPHR): Refining the path to first production in the Paradox. About to start drilling in the Rockies

• The Paradox initial processing capacity is envisaged to be able to handle 5-10 mmcf/d. Our base case assumes a conservative 5 mmcf/d, although...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Equity raise for Rocky Mountain acquisition and working capital to Paradox first production

• Zephyr has raised £10.5 mm of new equity at £0.03 per share. The proceeds of the raise will fund (1) a £5.4 mm acquisition of 0.6 mmboe 2P and...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Paradox Resources boost following interpretation of well test

• The analysis of the well test result at well 36-2R suggests recoverable resources of 0.84-1.24 mmboe for the 4,000 feet lateral. The reservoir...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Potential for helium well to be drilled mid 2024

In October 2023, Zephyr announced the acquisition of at least a 75% WI in the Salt Wash field, located ~3 miles to the south of the Paradox project.

Auctus Advisors

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