Winchester Energy : Gross revenue tops US$1M for the month of November 2021

Gross revenue tops US$1M for the

Date: 22 December 2021

ASX Code: WEL

month of November 2021

Capital Structure

Ordinary Shares: 1,008,212,215 Current Share Price: 1.1c Market Cap: $11M Debt: Nil

Directors

James Allchurch Non-Executive Director

Larry Liu Non-Executive Director

Tony Peng Non-Executive Director

Lloyd Flint Company Secretary

Contact Details

• Winchester achieves US$996,507 (AUD$1.4M1) in gross oil revenue and a further US$40,000 (AUD$56,2181) in gross gas revenue accruals for the month of November 2021
• Winchester in a strong financial position with full exposure to the oil and gas price ahead of the development of the recently acquired Varn Oil Field

Winchester Energy Limited (ASX: WEL) (Winchester or Company) is pleased to advise that gross revenue from its lease position in the East Permian Basin, Texas exceeded US$1M for the month of November 2021.

For the production and sale of 12,863 barrels of oil, Winchester received US$996,507 (AUD$1.4M1) for the month of November. Winchester also produced 8.369 million cubic feet of gas (mmcfg) (or 1,395 barrels of oil equivalent (boe2)) which, on an accruals basis, will generate a further US$40,000 (AUD$56.3381) for the same period. Total revenue for November 2021 was approximately US$1,036,507 (AUD$1,459,8691).

Australia
Level 1	Net of royalties and severance tax, Winchester's net revenue for November 2021 is
10 Outram Street
West Perth WA 6005	approximately U$739,015 (AUD$1,040,8661).
Australia
PO Box 641	With strong revenue streams for the foreseeable future, Winchester is now well positioned to
West Perth WA 6872	finalise permitting at its newly acquired Varn Oil Field ahead of drilling scheduled for early
Australia	next year.
Tel: [phone]
Fax: [phone]
USA
4900 Woodway, Ste. 780	-ENDS-
Houston, TX 77056
Tel: [phone]	This announcement has been authorised for release by the Board.
winchesterenergyltd.com	For further information, please contact:
	For further information, please contact:
	James Allchurch
	Director

T: [phone]

1. [e-mail]

1. Using exchange rate 1 AUD = 0.71 USD
2. boe (barrels of oil equivalent) - gas quantities are converted to boe using 6,000 cubic feet of gas to one barrel of oil. The 6:1 conversion ratio is based on an energy equivalency conversion method and does not represent value equivalency. Estimates are rounded to the nearest boe.

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About Winchester Energy Ltd (ASX Code: WEL)

Winchester Energy Ltd (ASX: WEL) is an Australian ASX-listed oil and gas explorer and producer with its operations base in Houston, Texas. The Company has a single focus on oil exploration, development and production in the Permian Basin of Texas and has recently acquired the Varn Oil Field which comprises Proven and Probable Reserves (2P) of 1.068 million barrels of oil equivalent (mmboe) - comprised of over 93% oil (See ASX release of 3 December 2021.

Winchester currently produces approximately 600 barrels of oil equivalent per day (boepd) net to its Working Interests (WI).

Competent Persons Statement

The information in this report is based on information compiled or reviewed by Mr Keith Martens, consulting geologist/geophysicist to Winchester Energy. Mr Martens is a qualified petroleum geologist/geophysicist with over 45 years of Australian, North American and other international executive petroleum experience in both onshore and offshore environments. He has extensive experience of petroleum exploration, appraisal, strategy development and reserve/resource estimation. Mr Martens has a BSc. (Dual Major) in geology and geophysics from The University of British Columbia, Vancouver, Canada.

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