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.

Equity Bottom-Up

<ul><li>• Zephyr is divesting a further 1,837 undeveloped acres in the Powder River Basin, Wyoming, through two transactions for US$2.275 mm in cash.</li><li>• Completion is expected before end‑June.</li><li>• Including prior divestments, Zephyr has now recovered US$5.8 mm of the US$7.3 mm acquisition cost (August 2025) without any material impact on acquired production.</li></ul>

• Zephyr is divesting a further 1,837 undeveloped acres in the Powder River Basin, Wyoming, through two transactions for US$2.275 mm in cash.• Completion is expected before end‑June.• Including prior divestments, Zephyr has now recovered US$5.8 mm of the US$7.3 mm acquisition cost (August 2025) without any material impact on acquired production.

Zephyr Energy Plc (AIM: ZPHR): Further non core divestment of undeveloped leases in the Powder River basin

<ul>
<li>Zephyr has completed additional divestments linked to its recent non‑operated acquisition, including ~160 acres of non‑operated, undeveloped leases sold for US$1.3 mm, and royalty plus working interests in a non‑producing Powder River Basin wellbore sold for US$0.4 mm in cash, with the buyer also assuming ~US$0.4 mm of near‑term capex obligations.</li>
<li>These sales were not anticipated and further strengthen Zephyr’s cash position.</li>
<li>Including the divestments announced in 2H25, Zephyr has now recovered US$4.7 mm of the US$7.3 mm acquisition cost without material impact on acquired production.</li>
</ul>


Zephyr has completed additional divestments linked to its recent non‑operated acquisition, including ~160 acres of non‑operated, undeveloped leases sold for US$1.3 mm, and royalty plus working interests in a non‑producing Powder River Basin wellbore sold for US$0.4 mm in cash, with the buyer also assuming ~US$0.4 mm of near‑term capex obligations.
These sales were not anticipated and further strengthen Zephyr’s cash position.
Including the divestments announced in 2H25, Zephyr has now recovered US$4.7 mm of the US$7.3 mm acquisition cost without material impact on acquired production.


Zephyr Energy Plc (AIM: ZPHR): Accretive non-core divestments. Non-binding marketing/funding offers for the Paradox

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional flow at HOCH-1 – Zones 4 and 5 were perforated and tested however relative flow rates were inconclusive due to the likely dominance of Zone 2 which has greater permeability than zones 4 and 5.</li><li>Zone 3 was subsequently perforated and cleaned up confirming additional gas flow from this zone.</li><li>Zones 2, 3, 4 and 5 were comingled and produced at flow rate averaging 3.15 mmcf/d (equivalent to 548 boe/d) over a 12 hour period.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional flow at HOCH-1 – Zones 4 and 5 were perforated and tested however relative flow rates were inconclusive due to the likely dominance of Zone 2 which has greater permeability than zones 4 and 5.Zone 3 was subsequently perforated and cleaned up confirming additional gas flow from this zone.Zones 2, 3, 4 and 5 were comingled and produced at flow rate averaging 3.15 mmcf/d (equivalent to 548 boe/d) over a 12 hour period.

<ul>
<li>Zephyr has entered into a framework agreement with Enbridge to allow for interconnect services from Zephyr’s Powerline Road Gas Plant into Enbridge’s 16” pipeline, with ultimate access to the Williams Northwest Pipeline and enabling sales into the broader Western U.S. gas market.</li>
<li>This represents a major de‑risking milestone, as securing a tie‑in agreement was the key uncertainty affecting the timeline for first gas from the Paradox project.</li>
<li>We maintain our expectation of first gas in 2026.</li>
</ul>


Zephyr has entered into a framework agreement with Enbridge to allow for interconnect services from Zephyr’s Powerline Road Gas Plant into Enbridge’s 16” pipeline, with ultimate access to the Williams Northwest Pipeline and enabling sales into the broader Western U.S. gas market.
This represents a major de‑risking milestone, as securing a tie‑in agreement was the key uncertainty affecting the timeline for first gas from the Paradox project.
We maintain our expectation of first gas in 2026.


Zephyr Energy Plc (AIM: ZPHR): Reaching key agreement with Enbridge

<ul>
<li>Zephyr has nominated ~38,000 net contiguous Paradox acres for inclusion in upcoming federal lease sales by the U.S. Bureau of Land Management.</li>
<li>If fully awarded, this would represent a material expansion of the current 46,000 net acre position, of which only ~20,000 acres are currently covered by seismic.</li>
<li>Existing estimates of ~35 mmboe 2P reserves and 39 mmboe contingent resources are based solely on those 20,000 acres.</li>
</ul>


Zephyr has nominated ~38,000 net contiguous Paradox acres for inclusion in upcoming federal lease sales by the U.S. Bureau of Land Management.
If fully awarded, this would represent a material expansion of the current 46,000 net acre position, of which only ~20,000 acres are currently covered by seismic.
Existing estimates of ~35 mmboe 2P reserves and 39 mmboe contingent resources are based solely on those 20,000 acres.


Zephyr Energy Plc (AIM: ZPHR): Potential resource boost in the Paradox

United Kingdom

Zephyr Energy is a technology-led oil and gas company focused on responsible resource development from carbon-neutral operations in the Rocky Mountain region of the United States. It engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids. The company is headquartered in Newbury, United Kingdom, and was incorporated in 2002.

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Zephyr Energy (ZPHR LN)

Zephyr Energy Plc (AIM: ZPHR): Further non core divestment of undeveloped leases in the Powder River basin

• Zephyr is divesting a further 1,837 undeveloped acres in the Powder River Basin, Wyoming, through two transactions for US$2.275 mm in...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Accretive non-core divestments. Non-binding marketing/funding offers for the Paradox

Including the divestments announced in 2H25, Zephyr has now recovered US$4.7 mm of the US$7.3 mm acquisition cost without material impact on...

Auctus Advisors

AUCTUS ON FRIDAY - 28.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional flow at HOCH-1 –...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Reaching key agreement with Enbridge

Zephyr has entered into a framework agreement with Enbridge to allow for interconnect services from Zephyr’s Powerline Road Gas Plant into...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Potential resource boost in the Paradox

Zephyr has nominated ~38,000 net contiguous Paradox acres for inclusion in upcoming federal lease sales by the U.S. Bureau of Land Management.

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zephyr Energy Plc (AIM: ZPHR): Further non core divestment of undeveloped leases in the Powder River basin

• Zephyr is divesting a further 1,837 undeveloped acres in the Powder River Basin, Wyoming, through two transactions for US$2.275 mm in...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Accretive non-core divestments. Non-binding marketing/funding offers for the Paradox

Including the divestments announced in 2H25, Zephyr has now recovered US$4.7 mm of the US$7.3 mm acquisition cost without material impact on...

Auctus Advisors

AUCTUS ON FRIDAY - 28.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional flow at HOCH-1 –...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Reaching key agreement with Enbridge

Zephyr has entered into a framework agreement with Enbridge to allow for interconnect services from Zephyr’s Powerline Road Gas Plant into...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Potential resource boost in the Paradox

Zephyr has nominated ~38,000 net contiguous Paradox acres for inclusion in upcoming federal lease sales by the U.S. Bureau of Land Management.

Auctus Advisors

Including the divestments announced in 2H25, Zephyr has now recovered US$4.7 mm of the US$7.3 mm acquisition cost without material impact on...