Once R touches a kick beyond the expanded neutral zone, whoever is in possession of the ball at the end of the down will have a new series. Period.
It is possible for R to muff the punt from a point beyond the ENZ, the ball bounce back behind the LOS, K picks the ball up and attempts a forward pass (which is a legal play in NFHS if the pass was made from behind the LOS). If the pass lands incomplete, the ball is returned to the previous spot, but because of the principle in my first paragraph, it will be 1st down.
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