WINCHESTER ENERGY LTD — Capital/Financing Update 2021

Jun 22, 2021

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Date: 23 June 2021

TD Reached with Multiple Strong Oil and Gas Shows in McLeod 1705

ASX Code: WEL

Capital Structure Ordinary Shares: 863,806,109 Current Share Price: 1.8c Market Cap: $15M Cash: $1.1M Debt: Nil

Directors

James Allchurch Non-Executive Director

Larry Liu Non-Executive Director

Tony Peng Non-Executive Director

Lloyd Flint Company Secretary

Contact Details

• McLeod 1705 has reached total depth of 7,835 feet recording strong oil and gas shows over a 50 foot interval in the Strawn Sands - the same interval is producing oil to the east (Bast Field), potentially expanding this field

• The Cambrian Sands were encountered as a 260 foot clastic interval encountered to the base of the well. There were modest gas shows and minor fluorescence throughout the interval - hydrocarbon potential will be evaluated on wireline log results

• Wireline logging has commenced with results to be evaluated before a decision is made on which zone(s) to case/production test

Winchester Energy Limited (“Winchester”; ASX: WEL) is pleased to advise that the Blue Line Rig No. 7 has reached a total depth (TD) of 7,835 feet in the McLeod 1705 well located at the Bast Deep prospect within its extensive lease position in the East Permian Basin, Texas.

McLeod 1705 (Winchester 100% WI)

Australia

Ground Floor 24 Outram Street West Perth WA 6005 Australia

PO Box 641 West Perth WA 6872 Australia

Tel: +61 8 9200 3743 Fax: +61 8 9200 3742

USA

Two Riverway 17[th] Floor Suite 1700 Houston Texas USA 77056

On 15 June 2021 Winchester announced intermittent strong gas shows with fluorescence over a 500 foot interval in the uppermost secondary target, the Upper Cisco Sands (this formation is currently in production in other Winchester wells).

In a highly encouraging development, a 50 foot sandstone zone with strong gas and fluorescence shows was encountered within the Strawn Sands. This zone has produced some 200,000+ barrels of oil from 4 wells located approximately 3,000 feet to the east (Bast Field) and, if productive, 17-5 would significantly expand the areal extent of this field to the west.

The Cambrian Sands exploration target, 1000 foot below the Strawn Sands interval described above is mapped within a closed seismic 4 way dip closure. A 260 foot thick clastic interval was encountered to the base of the well, much of which is coarse, porous sand. There were modest gas shows and minor fluorescence throughout the section.

Tel: +1 713 333 0610

winchesterenergyltd.com

Wireline logging has commenced with results to be evaluated before a decision is made on which zone(s) to case/production test.

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Figure 1: Stylized section showing proposed McLeod 1705 penetration and formations

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Figure 2: Winchester leaseholding showing the McLeod 1705 well location and Cambrian targets

This announcement has been authorised for release by the Board.

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For further information, please contact:

James Allchurch Director T: +61 8 9200 3743 E: admin@winchesterenergyltd.com

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.

Winchester currently produces approximately 144 barrels of oil equivalent per day (boepd) net to its Working Interests (WI), generating revenue of over AUD$500,000 in the March 2021 quarter.

As at 31 December 2020 Winchester’s Resources and Reserves were calculated at 495,800 barrels of oil equivalent of 3P reserves and a combined 11.1 million barrels of oil equivalent (mmboe) in Contingent and Prospective Resources. Please refer to Winchester’s 16 March 2021 ASX release for more details.

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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