Announcement PDF 1 08 December 2025 Stonehorse New Well Update in Alberta, Canada KEY HIGHLIGHTS: • The first well targeting the prolific Ellerslie reservoir in the Drumheller Area near Calgary, Alberta is now completed and on production. The well was executed below budget and is producing ahead of schedule with Stonehorse earning a 20% working interest. • Stonehorse has finalized an agreement to participate in three additional oil wells with the same operator in 2026 and plans to invest approximately $1.75 million per well to earn 35% working interest in these wells. • These first four wells will earn Stonehorse the right to participate in further development of the Ellerslie reservoir as oil prices recover. Stonehorse Energy Limited (ASX; SHE, the “Company”) is pleased to announce that the first well of the farm-in agreement is producing at 431 BOPD and 695 Mcf/D gross or 86 BOPD and 139 Mcf/D net to Stonehorse (20% WI) in the Drumheller Area near Calgary, Alberta. The well has cleaned up to 61% water cut and is exceeding type-curve expectations. The play is established as one of the premier plays in the Western Canada Sedimentary Basin, ranking economically competitive with the Montney and Clearwater given its high returns. The well is producing at rates above pre-drill expectations and marks the start of a future multi-well program in the area. Drilling of the subsequent wells are planned to start in the first quarter of 2026 subject to oil price. Stonehorse has the right to participate in three additional Stonehorse Energy Limited ACN: 086 972 429 T: 08 6489 1600 F: 08 6489 1601 E: info@stonehorseenergy.com W: stonehorseenergy.com Directors Rob Gardner, Executive Chairman Michael McFadyen, Non-Executive Director Nicholas Ong, Non-Executive Director and Company Secretary Issued Capital (ASX: SHE) 684.4m Ordinary Shares Media and Enquiries Andrew Rowell White Noise Communications E: andrew@whitenoisecomms.com T: 0400 466 226 Investor Hub Visit the Investor Hub here: https://investorhub.stonehorseenerg y.com/welcome 2 wells within the area by investing approximately $1.75 million per well to earn 35% working interest. These first four wells will provide Stonehorse the opportunity to participate in further development of the Ellerslie reservoir. Stonehorse Executive Chairman, Mr Robert Gardner said, “We are pleased with the execution and results of the first oil well and we plan to participate in further development in this light oil opportunity to continue to grow our position in Western Canada.” This announcement is approved for release by the Company Secretary. - ENDS – For further information: For media enquiries Rob Gardner Andrew Rowell Executive Chairman Senior Communications Advisor Stonehorse Energy Limited White Noise Communications Tel: (+61 8) 6489 1600 Tel: 0400 466 226 E: info@stonehorseenergy.com E: andrew@whitenoisecomms.com About Stonehorse Energy Stonehorse Energy Limited (ASX:SHE) is an Australian based E&P company with a focus on onshore oil and gas in Canada and the United States. The overall objective of the Company is to implement its strategy of building a portfolio of high quality well bore assets with Working Interest (WI) percentages reflecting risk appetite and capital availability. Forward-Looking Statements and Other Disclaimers This announcement may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions, which are outside the control of Stonehorse Energy Limited (“Stonehorse Energy” or “the Company”). These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, readers are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Stonehorse Energy does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward looking statement is based. This announcement does not constitute investment advice. Neither this announcement nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. Shareholders should not rely on this announcement. This announcement does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this announcement are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political 3 developments. The information set out in this announcement does not purport to be all-inclusive or to contain all the information, which its recipients may require in order to make an informed assessment of Stonehorse Energy. You should conduct your own investigations and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this announcement. To the fullest extent permitted by law, the Company does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this announcement. No responsibility for any errors or omissions from this announcement arising out of negligence or otherwise is accepted.