Winchester Energy Limited provided an operations update and oil production forecast for its projects located in Taylor and Nolan Counties, Texas. Winchester is delivering on its strategy to build sustainable high-margin oil and gas production over the coming months and years. In 2H 2022 the Winchester team will oversee a busy schedule of field activity and increasing production across Winchester's portfolio.

All of Winchester's existing and forecast production is derived from conventional reservoirs which can be immediately brought online to deliver oil and gas sales at decade-high oil prices. Production forecasts on a project basis using conservative base case projections. The Group Prospect and Varn Oil Field acquisitions are expected to add significantly to Winchester's production volumes in Nolan County in the near and medium term.

Crucially, both Varn and the Group Prospect include several historically oil-rich `bonus' formations that represent significant additional upside and can be tested for minimal additional cost. In particular, the Group Prospect provides access to all the oil-bearing formations prevalent in the area, including the Strawn and Cisco Sands. Winchester will test several prospective zones which will be highly informative as to identifying one or more `plays' that may have significant potential across the Group Prospect and the adjoining Whiteside Prospect (Winchester 100% WI).

In addition, Winchester continues to leverage its large seismic database and regional experience to review and assess further low-risk opportunities in the region that can add barrels of oil at low cost. Existing oil and gas production at Winchester's Nolan County operations continue to generate significant revenue for the Company capitalizing on soaring global oil prices.