13th October 2026, Update

Dear Valued Investor Partners,

We hope this update finds you well.

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Operations update, September 2026

As stated in past portals, the ASE 4 well has strong production potential in the Hunton formation, where the most recent test showed a flow rate of approximately 300 barrels of fluid per day with an oil cut.

Historically, the Hunton has produced large volumes of water in this well. A cost-effective way of handling that water is therefore the key to bringing the ASE 4 back into profitable production.

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Fast-tracking our waterflood implementation

As communicated in previous portals, our intention was to convert the Lois #1 well into an SWD (saltwater disposal well). To date, we have not been able to reach commercial terms with the landowner of the southern section of our lease, which contains the Lois #1 well.

As a result, we are looking to fast-track our waterflood implementation across the ASE Oddfellows Oilfield. This was always part of our plan, yet it was not expected to begin for at least another 12 months.

A waterflood does more than dispose of water; it puts the water to work. Water is injected into the formation through one or more enhanced recovery injection wells (ERI wells), pushing oil and gas towards the surrounding producing wells. It is a proven method of extracting not only the primary oil reserves, but also the secondary reserves that would otherwise remain in the ground.

The Booch formation has no water, which makes it the perfect candidate for a waterflood. Based upon further engineering studies, we would also potentially look to waterflood the Hunton formation in the medium term.

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The role of the ASE 4 in the waterflood

We have engaged an engineer to carry out a full waterflood study and engineering report, which will determine the role that delivers the strongest result for the ASE 4. The options being evaluated are:

• Producing from the Hunton: with the waterflood in place to handle the water, we believe the ASE 4 would be able to pump the Hunton profitably.
• Producing from the Booch: the ASE 4 would become a producing well within the waterflood, recovering both the primary and secondary oil from the Booch formation. In this case, the Booch would be isolated in the wellbore, and the deeper Hunton perforations bridged off.

Whichever role is selected, the ASE 4 is positioned to benefit from the waterflood.

Next steps

1. Engineering report: the waterflood study and engineering report will confirm the role of the ASE 4, and the exact well or wells to be converted into ERI wells.
2. Approvals: once the report is in place, we will commence all required steps for approval.
3. Conversion: on approval, the selected well or wells will be converted and the waterflood brought online.

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Looking ahead

We are excited about what the waterflood can deliver for the ASE 4 and the ASE Oddfellows Oilfield, and we see this as a very positive step forward. We understand you may have some questions, yet this is all the information we have at the moment.

Our Senior Partner, Grant McLoughlin, is currently in the US, working closely with our operations team on the Seminole County field, with the focus on maximising production and advancing the water handling solution for the lease.

Thank you in advance for your patience. The next update will be released on November 12th, 2026.

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Best regards,

THE ASE TEAM