Announcement PDF Stonehorse Energy Limited ACN: 086 972 429 T: 08 6489 1600 F: 08 6489 1601 E: info@stonehorseenergy.com Canadian Operations Update W: stonehorseenergy.com Directors Rob Gardener, Executive Chairman David Deloub, Executive Director Jay Stephenson, Non-Executive Director & Company Secretary Issued Capital (ASX: SHE) 684.4m Ordinary Shares Media and Enquiries Andrew Rowell White Noise Communications Successful Completion of Certus Caroline, 01-27-33-05 Well – Positioned for Upcoming Fracture Stimulation Perth, Western Australia – 18th September 2023 – Stonehorse Energy Limited (ASX: SHE) is pleased to announce the successful completion of the drilling operations for the Certus Caroline (previously Certus 1-27-33) well, located in Central Alberta, Canada. The drilling was safely completed with production casing set, cemented and now primed for the forthcoming fracture stimulation phase. Key Highlights: • Drilling Completion: The Caroline well reached its target depth of 5,626 m MD with production casing successfully cemented in place on 12th September. • Safety Record: The drilling operations were executed without any safety incidents, highlighting the company's commitment to ensuring the safety of its staff and environment. • Well Integrity: Preliminary evaluations confirm good quality reservoir with frack sleeves in place for an optimal subsequent fracture stimulated well completion. • Next Steps: Preparations are currently underway for the fracture stimulation of the Caroline well. The stimulation campaign is scheduled to commence on 25th September. • Prospective Resources: Based on current assessments, the Caroline well is projected to access prospective resources and confirm productivity post completion through a brief well test prior to tie-in to permanent production facilities. • Production / Revenue Timing: We anticipate first production mid Q4’23 in line with anticipated increased demand and upswing in commodity prices. E: andrew@whitenoisecomms.com T: 0400 466 226 Investor Hub Visit the Investor Hub here: https://investorhub.stonehorsee nergy.com/welcome 1 Figure 1: Ensign 438 Drill Rig on location at Certus Caroline 01-27-33-05W5 well in Central Alberta. Stonehorse Executive Director David Deloub commented: “The completion of our drilling operation is a testament to the expertise and dedication of our operational team. We are now ideally positioned to progress to the next phase, which is fracture stimulation. We remain optimistic about the potential of the Caroline well and its capacity to bolster our production portfolio”. Figure 2. Overhead shot of the Certus Caroline well pad and Ensign 438 drill rig on location. 2 Figure 3. Ensign Rig 438 control panels used for rig management and directional drilling. Figure 4. Ensign Rig 438 Rig Demob post successful drilling operations. 3 Figure 5. Wellhead post successful drilling – awaiting frack stimulation completion About Stonehorse Energy Stonehorse Energy Limited (ASX:SHE) is an Australian based E&P company with a focus on onshore oil and gas in North America. 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. - ENDS – For further information: For Media enquiries David Deloub Executive Director Stonehorse Energy Limited Tel: (+61 8) 6489 1600 E: info@stonehorseenergy.com Andrew Rowel Senior Communications Advisor White Noise Communications Tel: 0421 505 557 E: andrew@whitenoisecomms.com 4 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 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 to make an informed assessment of Stonehorse Energy. You should conduct your own investigations and perform your own analysis 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. 5