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 4 well.

OPERATIONS UPDATE, OCTOBER 2026

Status: Temporarily shut in

The ASE 4 well is positioned to potentially benefit from the waterflood. Its exact role will be confirmed by the detailed waterflood engineering report, which we are currently awaiting.

THE WATERFLOOD, THIS MONTH'S PROGRESS

As explained in our previous portal, we fast-tracked our waterflood strategy after we were unable to reach commercial terms with the landowner for the Lois #1 SWD conversion. This month, the plan has moved forward:

• The ERI well: we now expect the ASE 3 well to be confirmed as the enhanced recovery injection well (ERI well).
• A clear timeline: permitting is under way, with first injection anticipated in January 2027.
• Next step: the detailed waterflood engineering report, which will confirm the plan before we proceed.

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.

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

Best regards,

THE ASE TEAM