Zephyr Energy : Corporate Presentation, April 2023

Balanced growth & asymmetric upside in the U.S. oil & gas sector

(AIM: ZPHR) (OTCQB: ZPHRF)

Corporate Presentation | April 2023	www.zephyrplc.com

Disclaimer

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This Presentation and the information contained therein are only addressed to and/or directed at: (i) persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2(e) of the Prospectus Regulation (Regulation (EU) 2017/1129) ("Prospectus Regulation") ("Qualified Investors"); (ii) in the United Kingdom, who are qualified investors, being persons falling within the meaning of Article 2(e) of Prospectus Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "UK Prospectus Regulation"), who (a) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("Order") and/or who are high value entities falling within Article 49(2)(a) to (d) of the Order; and (b) to whom it may otherwise lawfully be communicated; and (iii) such other persons as this Presentation may be lawfully made to under any applicable laws (all such persons in (i),

1. and (iii) together being referred to as "Relevant Persons"). No other person should act on or rely on this Presentation. By attending the meeting where this Presentation is made or accepting a copy of the Presentation, you warrant, represent, acknowledge and agree that you are a Relevant Person. Any recipient who is not a Relevant Person should return the Presentation immediately to the Company's registered office and should not act upon any of it. Any person (whether a Relevant Person or otherwise) is recommended to seek their own independent financial advice from a person authorised for the purposes of FSMA (or similarly authorised person in another jurisdiction) before engaging in any investment activity involving the Company's securities.

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This Presentation may contain statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may involve substantial risks and uncertainties and actual results and developments may differ materially from those expressed or implied by these statements by a variety of factors. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as "believe", "expects", "may", "will", "could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "continues", "assumes", "positioned" or "anticipates" or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements speak only as at the date of this Presentation. In addition, all projections, valuations and statistical analyses provided in this Presentation may be based on subjective assessments and assumptions and may use among alternative methodologies that produce different results and should not be relied upon as an accurate prediction of future performance. No statement in this Presentation is intended to be nor may be construed as a profit forecast or estimate, and no statement in this Presentation should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company. No representations or warranties, express or implied, are given by Allenby, TP, the Company, nor any of their respective Affiliates as to the achievement or reasonableness of, or any projection of the future, budgets, forecasts, management targets or estimates, prospects or returns and no reliance should be placed on, statements pertaining to financial performance, including (but not limited to) any estimates, forecasts or targets

contained in the Presentation. You are cautioned not to rely on such statements. The achievability of the Company's proposed strategy set out in this Presentation cannot be guaranteed.

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Disclaimer

Certain industry, market and competitive position data contained in this Presentation may have come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company operates. While the Company believes that such research and estimates are reasonable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry, market and competitive position data contained in this Presentation. Certain percentages and amounts in this Presentation may not sum due to rounding.

The Company expressly reserves the right, without giving reasons therefore, at any time and in any respect, to amend or terminate discussions with you without prior notice and hereby expressly disclaims any liability for any losses, costs or expenses incurred.

Allenby is authorised and regulated in the United Kingdom by the Financial Conduct Authority and is acting exclusively for the Company and no one else. Accordingly, recipients should note that Allenby is neither advising nor treating as a client any other person and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Allenby or any other matters referred to in this Presentation.

Allenby and their respective affiliates, officers, members, directors, employees and agents may, from time to time, hold long or short positions in, buy or sell (on a principal basis or otherwise), or act as market maker in any securities, futures or other financial instruments or products related to matters discussed herein and may make trading decisions that are different from or contrary to any of those which may be discussed.

TP is authorised and regulated in the United Kingdom by the Financial Conduct Authority and is acting exclusively for the Company. Accordingly, recipients should note that TP is neither advising nor treating as a client any other person and will not be responsible to anyone other than the Company for providing the protections afforded to clients of TP nor for providing advice in relation any other matters referred to in this Presentation.

TP and their respective affiliates, officers, members, directors, employees and agents may, from time to time, hold long or short positions in, buy or sell (on a principal basis or otherwise), or act as market maker in any securities, futures or other financial instruments or products related to matters discussed herein and may make trading decisions that are different from or contrary to any of those which may be discussed.

By accepting this Presentation (whether in hard copy form or electronically), you irrevocably represent, warrant and undertake to the Company that (i) you are a Relevant Person; and (ii) you have read and agree to be bound by the limitations and restrictions set out above and, in particular, will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice including without limitation the obligation to keep this Presentation and its contents confidential.

Dr Gregor Maxwell, BSc Hons. Geology and Petroleum Geology, PhD, Technical Adviser to the Board of Zephyr Energy plc ,is the Qualified Person responsible for the technical content, verification and quality assurance of the exploration data and the analytical results set forth in this presentation.

This Presentation and its contents are confidential, and you and your directors, officers, employees, agents and affiliates must hold this Presentation and any oral information provided in connection with this Presentation in strict confidence. This Presentation must not be distributed, published, copied or reproduced (in whole or in part) or disclosed by recipients, directly or indirectly, to any other person. By accepting this Presentation, you agree to be bound by the provisions, the limitations and conditions set out in this disclaimer and, in particular, you represent, warrant and undertake that: (i) you are a relevant person and you will observe the foregoing provisions, limitations and conditions, (ii) you are located outside of the United States and are not a U.S. Person, or acting for the account or benefit of a U.S. Person, (iii) you have read and agree to comply with the contents of this disclaimer; and (iv) you agree to keep permanently confidential the information contained in the Presentation or made available in connection with further enquiries to the extent such information is not made publicly available (otherwise than through a breach by you of this provision).

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Goals, Values and Vision

• Founded by a highly experienced team of oil and gas professionals, Zephyr's goals are to drive growth and create long-term value for all stakeholders through responsible oil and gas production
• • Management alignment through purchased shareholdings (approximately 10% of issued share capital)
• Central to our goals are our values:
• • Responsible stewards of investors' capital
  • Responsible stewards of the environment
• Our vision: to open up the next prolific onshore U.S. oil & gas play

Corporate Presentation | April 2023

Creating

long-term

value for all stakeholders

4

Overview

Core cash flowing platform with asymmetric upside potential

• Responsible resource development and carbon-neutral operations in the Rocky Mountain region of the U.S.
• Developing significant appraisal asset in Utah - 45,000 acre Paradox Project
• Non-operatedworking interests in producing, near-term production and future drilling prospects in the Williston Basin
• Executed 14 discrete acquisitions and multiple drilling operations over the last 24 months

ND, MT

WYOMING

COLORADO

Williston Basin: core value, strong cash flow

Paradox Basin: asymmetric upside potential via the drill-bit

Interests in circa 220 non-operated wells available for production in the Williston offering strong margins and rapid investment payback*

• High margin cash flow engine provides additional funding for Paradox development

*As at 31 December, 2022

"2 for 2" in the Paradox Basin to date, with success utilising both

hydraulic stimulation and production via natural fractures

• 45,000-acreposition provides significant inventory in an emerging basin in which modern drilling and completions have not been used prior to Zephyr

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