13th October 2026, Update

Dear Valued Investor Partners,

We hope this update finds you well.

In this portal release, we are sharing an important update on the Lois #1 well. We want to be open with you about where matters stand today, and equally clear about what has not yet been determined.

‍

Where the Lois #1 stands

As communicated in previous portals, our intention was to convert the Lois #1 well into an SWD (saltwater disposal well), providing water handling for the ASE Oddfellows Oilfield.

• OCC position: pre-approval has been received from the OCC, which requires a surface agreement to finalise the well transfer and approve the disposal permit.
• Surface agreement: we commenced negotiations with the surface owner on our southern lease, and to date we have not been able to reach commercial terms.
• Status: under review.

‍

Fast-tracking the waterflood across the field

Rather than wait, we are looking to fast-track our waterflood implementation across the ASE Oddfellows Oilfield. Water will instead be handled through an enhanced recovery injection well (ERI well), which puts the water to work by injecting it into the Booch formation, pushing oil and gas towards the surrounding wells.

Our engineers are currently preparing an engineering report on the waterflood.

‍

What this means for the Lois #1 and your partnership

In light of this change in strategy, we are reviewing all options for the Lois #1 and for the Seminole County Phase 4 partnership. No decision has been made, and none will be made until the engineers' report is complete and every option has been properly evaluated.

Our guiding principle is the same one that underpins every decision we make: putting our investors first. We are committed to working through this carefully, and in the best interests of the investors in the Seminole County Phase 4 partnership.

‍

Next steps

1. Engineering report: the engineers' report will confirm the exact location of the ERI well.
2. Review of options: informed by the report, we will evaluate every option for the Lois #1 and the Seminole County Phase 4 partnership.
3. Communication: once a path forward has been determined, we will set it out for you in full.

‍

Looking ahead

We appreciate that this update will raise questions, and we want to be very clear that this is all the information we have at this time. We will share further detail as soon as it becomes available.

The next update will be released on November 12th, 2026.

‍

Best regards,

THE ASE TEAM