29th May 2026, Update

Dear Valued Investor Partners,

We hope this update finds you well. This week has once again seen significant progress toward bringing our wells into production. Please find a summary of current operations below.

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LOIS ANNE #2-1 WELL — PUMPING UNIT INSTALLED

The pumping unit has been installed, with the horse's head now ready to put on. The polish rods are next in the scope of works and are scheduled for completion next week.

• The flow lines will be dug in over the next 7 to 10 days, at which point the well will enter production.
• Initially we anticipate more gas than oil, as the formation holds high gas pressures.
• As we draw the gas down and bring the well onto pump over the coming weeks, we are confident we will see oil production increase. Please note, each time we fracked (twice) the ASE 3, we followed the same procedure, and the saw substanial qanitieis of oil as the gas was sold down the sales line.

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LOIS ANNE #4-1 WELL — SWABBED AND GOING ONTO PUMP

This week our team spent 48 hours swabbing the well. During this process we observed increases in the oil cut and strong gas blows, as shown in the accompanying video. We are now bringing this well onto pump.

• The pumping unit has already been delivered to site and will be installed next week.
• The week after, the flow lines will be dug in and connected to the facility.
• We estimate this well will be in production within the next 2½ weeks.

As with the Lois Anne #2-1 and as we saw with the ASE #3 well after it was fracked, this well needs to go onto pump to draw down the gas, which is the main driver for the oil. We look forward to providing further updates once both wells are officially in production.

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SALTWATER DISPOSAL (SWD)

We want to knowledge that there have been delays with the SWD. Please note, we have been doinf our very best to expedite the approval process. We met with our operator this week and have been advised, on good authority, that approval should be received within the next 30 to 40 days.

• This approval will allow us to convert the Lois #1 well, on the southern section of our oil field, into a saltwater disposal well permitted to take up to 5,000 barrels of water per day.
• Once approved, the conversion scope of works will take approximately 2 to 3 weeks.
• As soon as the disposal well is operational, we will open up the Lois Anne #1-1 in the Wilcox and complete the #3-1.

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NEXT DRILLING LOCATIONS

We also met with our geologist, John Dowds, who has now selected the next drilling location, the Lois Anne #5-1. We have additionally marked a location for the #6-1.

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SUMMARY

We are very excited to bring the current wells into production, to maximise oil and gas output, and to finish drilling the final two wells within our 10-well portfolio. We sincerely appreciate your ongoing patience and look forward to sharing further updates in the coming weeks.

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Best regards,

THE ASE TEAM