11th February 2026, Update

Dear Valued Investor Partners,

We hope this update finds you well.

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LOIS 1 WELL - STRATEGIC HOLD & FUTURE COMPLETION

Current Status: Drilled and logged, completion strategically on hold

We understand investors in the past may have questions about the decision to pause completion of this well. Based on recent drilling data, which we will detail in this portal, this strategic hold has been confirmed as the optimal course of action to maximize long-term investor returns.

Geological Context

The Lois 1 well has been wireline logged, confirming the presence of multiple potentially productive formations. However, the recent drilling of Lois Anne #1-1, #2-1, and #3-1 has revealed:

• Multiple fault structures crossing the field
• Unanticipated productive formations (Calvin formation, enhanced Hunton intervals)
• Formation variability across structural positions
• Reservoir compartmentalization affecting optimal completion strategies

Data-Driven Completion Strategy

Rather than completing the Lois 1 well based on limited geological data, and due to the well being positioned in the far south of the oilfield, we are taking a systematic approach:

1. Complete all six Lois Anne wells (#1-1 through #6-1) - gathering comprehensive production data across the field
2. Integrate geological learnings - understand fault patterns, formation quality distribution, and optimal completion strategies
3. Observe production performance - evaluate which formations deliver the best economics and production rates
4. Select optimal completion zone(s) - use actual field data to choose the highest-value formation(s) for Lois 1
5. Execute optimized completion - maximize returns through informed zone selection

The Lois 1 well will be completed once we have gathered sufficient geological and production data from the comprehensive six-well Lois Anne development program. This methodical approach maximizes the probability of selecting the optimal completion strategy and achieving strong economic returns.

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UPCOMING COMMUNICATIONS

Our next investor portal update will be released on March 12th, 2026 (US time).

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Best regards,

THE ASE TEAM