12th November 2026, Update

Dear Valued Investor Partners,

We hope this update finds you well. Please find below your October 2026 update for the ASE 1 and ASE 2 wells.

ASE 2, OCTOBER 2026

Status: Producing

• Total oil produced: 150.72 barrels
• Oil sales: 140.37 barrels
• Total gas produced: 868 mcf

The ASE 2 continues to produce very consistently, and no changes are planned for the well.

ASE 1, OCTOBER 2026

Status: Temporarily shut in

Once the waterflood is in place, there is potential to open up additional zones in the ASE 1 well, with the produced water handled cost-effectively through the injection well.

THE WATERFLOOD

As explained in our previous portal, the waterflood is the best option to bring investors back into revenue sooner. This month, we expect the ASE 3 well to be confirmed as the enhanced recovery injection well (ERI well), with the plan to be confirmed by the waterflood engineering report.

Anticipated waterflood timeline

• By the end of 2026: permit applications filed with the OCC, engineering sign-off, and the ASE 3 well approved as the enhanced recovery injection well (ERI well).
• January 2027: the ASE 3 well converted, with first water injected into the Booch formation.
• February to May 2027: reservoir fill-up of approximately 60 to 120 days, as the injected water restores pressure.
• Once fill-up is complete: the waterflood takes effect, with an increasing amount of oil and gas anticipated.

All dates are anticipated and may change with regulatory approvals and operating conditions.

We appreciate you may have lots of questions and this is understandable. Yet this is all the information we are able to provide at this stage. We will share further detail in future portal updates as each milestone is reached.

As always, your monthly financial statement is available through your investor account portal.

Our next scheduled investor portal update will be released on December 11th, 2026.

‍

Best regards,

THE ASE TEAM