Dear Valued BCB Fund Investors,

We hope this update finds you well.

We want to begin by sincerely thanking you for your continued patience. We understand that you have been waiting a considerable amount of time, and we want to assure you that recommencing BCB Fund distributions remains one of our highest priorities. This update is intended to give you a transparent and detailed picture of where things stand and what is happening across the wells that will fund your distributions.

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BCB FUND — PAYMENT UPDATE

As outlined in previous portal updates, the BCB Framework operates on the basis that a portion of the net oil and gas revenue generated from our wells will be allocated to fund monthly distributions to BCB Fund shareholders.

We want to be honest with you regarding the current position. The Cherokee project has significantly underperformed expectations and is not currently generating net revenue at a level that would allow for BCB Fund distributions. As a result, the primary revenue source for the BCB Fund at this time will be the newly drilled ASE Lois LP wells at our Oddfellows oilfield in Seminole County, Oklahoma.

We also want to acknowledge that over recent months we have made the deliberate decision to reinvest available funds back into the existing wells — including fracture stimulation treatments and remedial workover operations — with the objective of maximising production levels ahead of the SWD infrastructure coming online. We believe this was the right decision for the long-term benefit of all investors, including BCB Fund shareholders, and we are confident it will deliver better outcomes than taking distributions from an underperforming asset base.

We are pleased to advise that we are now confident BCB Fund distributions will recommence within the next two months. We want to be clear that higher oil prices alone are not sufficient — what matters is consistent, stable production at meaningful volumes, and we believe we are very close to being in that position. This is something the entire ASE team feels very strongly about and we are firmly committed to delivering on this.

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ASE LOIS LP — OILFIELD UPDATE

The following provides a detailed overview of all wells at the Seminole County oilfield, as these wells represent the primary path to BCB Fund distributions.

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LOIS ANNE #1-1

‍Status: Minimal Production

The Lois Anne #1-1 is currently producing minimal oil volumes. Once the disposal well infrastructure is commissioned, we will re-open the Wilcox formation perforations and potentially perforate additional zones, which is expected to deliver a substantial increase in production from this well.

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LOIS ANNE #2-1

‍Status: Drilled & Uncompleted (DUC) — Completion Plan in Preparation

The Booch formation has been selected as the completion target for the Lois Anne #2-1. We are awaiting the finalised completion plan from our geologist John Dowds and will provide a completion timeline once that is confirmed.

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LOIS ANNE #3-1

‍Status: Drilled & Uncompleted (DUC) — Awaiting Disposal Well

The Lois Anne #3-1 completion is being held pending commissioning of the disposal well infrastructure, as the target formations carry sustained water volumes alongside the hydrocarbons.

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LOIS ANNE #4-1 — DRILLING COMMENCING

‍Status: Final Drilling Pad Preparation Underway — Spudding Soon

Our team is currently on site completing final preparations of the drilling pad for the Lois Anne #4-1 well, with spudding scheduled to commence next week. The #4-1 targets the Booch formation, which has been our most productive formation to date. It is located directly to the north of the ASE #3 and, based on the analysis of our geologist John Dowds, is positioned up-dip — giving us a good probability of similar results. The #5-1 and #6-1 wells will follow sequentially, all targeting the Booch.

Importantly, the Booch formation produces almost zero water — the ASE #3 averages just 0.06 barrels per day — meaning these wells have the potential to come into production without needing to wait for the full SWD infrastructure to be in place.

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DISPOSAL WELL

‍Status: Permitting and Evaluation in Progress

The disposal well remains a critical infrastructure item for the programme. We are working through the permitting process and will update shareholders once a final decision is made on the most appropriate wellbore for this purpose. Once operational, the disposal well will directly unlock production optimisation across multiple wells, which in turn will accelerate the path to BCB Fund distributions.

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SEISMIC SURVEY — APPROVED

We are pleased to confirm that a seismic survey has been approved and is being scheduled across the entire oilfield (date to be confirmed). This will benefit both new and existing wells by providing additional subsurface data on formations that could be targeted in the future.

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LOOKING AHEAD

We appreciate that you have waited a long time and we do not take that lightly. We want to assure you that the team is working hard across every well in the programme with a single objective in mind — maximising production so that we can fulfil our commitment to BCB Fund shareholders. We will provide a further updates with the latest production data and a confirmed timeline for the recommencement of distributions.

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Best regards,

THE ASE TEAM