Winchester Energy Limited advised of initial production at the White Hat 3902 well following recompletion activities. White Hat 3902 is located within the Company's extensive lease position in the East Permian Basin, Texas. At a cost of approximately USD100,000, the White Hat 3902 well was successfully perforated and acidised and is now producing 92 boepd. Winchester's net to working interest (WI) production from its East Permian leases is currently 611 boepd from a gross 655 boepd produced. White Hat 3902 was drilled by the Company in December 2019 targeting the Fry Sand, returning a modest initial production rate of 30 bopd before failing to maintain a commercial flow rate. White Hat 3902 penetrated the Ellenburger Formation to a total depth of 7,061 feet with logs run over all prospective formations. Recompletion: In a programme costing less than USD100,000, the Company successfully perforated 74 feet of the Ellenburger Formation identified as prospective by logs. The interval was then acidised to clean up the annulus and swabbed to remove the spent acid. White Hat 3902 has now been placed on production and has averaged 92 boepd over the past four days. This has comprised 73 bopd and 114 thousand cubic feet gas per day (mmcfpd)3. McLeod 1705 Frac (100% WI) ? Strawn Sands: McLeod 1705 was drilled in June 2021 with subsequent wireline logs identifying an encouraging 8-foot gross pay interval (6,461 - 6,469 feet depth) in the Strawn Sand formation. The sand is correlated to four wells immediately to the east that produced a total of 200,000 barrels of oil. Operations included the successful perforation of the 8-foot interval and a 120,000-pound sand frac to stimulate the reservoir. The well is now consistently producing 10 bopd. McLeod 1703 Frac (100% WI) ? Cisco Sands: McLeod 1703 was drilled in February 2020 with a total depth targeting the Cisco Sands, short of the Strawn Sands. The well encountered the thick Upper Cisco A unit and a very thick 197-foot gross Upper Cisco B sand package. The entire sand package is interpreted as oil-bearing however the reservoir quality and details of the reservoir architecture are uncertain. The Upper Cisco B was perforated and acidised in February 2020 but was not fracture stimulated. McLeod 1703 has produced over 5,000 barrels of oil equivalent4 to date from this zone. The successfully completed fracture stimulation program used the 66 feet of existing perforations to perform a similar completion as White Hat 1705 designed to optimise the flow rate from the perforations.