Winchester Energy Limited advised that oil has been successfully recovered from its first workover well (Group 4000 - 16A) at the newly acquired Group Prospect. The well will now be placed on pump with oil sales to commence immediately. The oil production rate will be determined once the flow rate stabilises under pump.

The workover rig will now move to the second well to begin recompletion activities as part of the extensive work programme planned for the next three months. On 29 June 2022, Winchester announced it would farm-in to the 1,760-acre Group Prospect, which is contiguous to the Company's 100%-owned Whiteside Prospect, for a modest upfront cost of USD 411,400. Along with Winchester's other recent acquisition, the Varn Oil Field, the Group Prospect will contribute to a significant increase in oil production by the end of CY 2022.

Knowledge gained from the performance of the Group Prospect wells will also assist with evaluation and development of the adjacent Whiteside Prospect. The Group Prospect work programme includes a further three shallow workovers, one deep re-entry recompletion and the drilling of three new low-risk wells.